IASCA Holds an Extraordinary Session for the IFRS EXPERT Exam in September 2022


AMMAN - The International Arab Society of Certified Accountants (IASCA) held an extraordinary session for the qualification Exam of the International Financial Reporting Standards (IFRS) Expert for a group of participants from the Libyan National Oil Corporation, in Istanbul, Turkey. Twenty-nine participants from various sectors and managerial levels sat the exam.

The results of the exam were announced on IASCA’s website, as 41% of the participants have successfully passed the exam.

The IFRS Expert exam includes two sessions, the first of which is for substantive questions while the second is for essay questions. It aims at building and enhancing the necessary cognitive capabilities related to the comprehension of the theoretical and conceptual aspects of the IFRS. Furthermore, it also aims at building the ability to apply the international standards in practical accounting in a professional manner, along with assisting in the continuous professional development (CPD) regarding the standards, and the follow-up on their amendments and updates.

It is worth noting that the National Oil Corporation was established in Libya in accordance with Law No. 24 for 1970 in order to achieve the objectives of the transformation plan in the fields of oil, and to support the national economy through the development, management, investment and the optimal exploitation of the gas reserves to achieve the maximum profits. The National Oil Corporation carries out exploration and production operations through its owned companies or in partnership with third parties through contracting or any other types of oil wealth investment contracts, in addition to oil and gas marketing operations inside and outside Libya.