This document explores the role of technology and internet financial reports on financial report users in Libyan financial organizations. It discusses how information technology and internet financial reports have impacted various types of financial report users, including owners and investors, management, lenders, government entities, employees, customers, and competitors. The document also examines how factors like globalization, increased internet access, and the widespread availability of digital information have led to the growth of internet financial reporting. It analyzes how internet financial reports provide benefits like reducing costs, improving timeliness of information, and enhancing transparency and communication with stakeholders. Finally, the document discusses some challenges in implementing international financial reporting standards in Libya's developing economy and accounting infrastructure.

1. Exploring the Role of Technology and Internet Financial Reports on Financial Report Users in Libyan Financial Organizations
Exploring the Role of Technology and Internet Financial
Reports on Financial Report Users in Libyan Financial
Organizations
*Saad Mohamed Abdullah lihniash1, Ibrahim Mohammed Massoud Egdair2, Sohail Ahmed3
1Department of Accounting, Management & Science University, Malaysia
2Sabha University, Libya
3Faculty of Business Management, University Technology MARA, West Malaysia
Internet financial reports (IFR) and the associated technology are considered among the most
technical issues in Libya financial organizations that encouraged the current study, to better
understand the future of financial report users. This has gained widespread acknowledgement in
the current literature in recent years, where it became a significant phenomenon in practice.
Several kinds of studies on IFRs in several areas have been done in developed countries, while
IFR and some factors such as technology (Internet) are still not studied enough in developing
countries, especially in public organizations in Libya. This study provides exploratory insight into
identifying the aforementioned factors, which may affect the users of financial reports.
Keywords: Internet Financial Reports, Technology, Financial Report User System, Public Organization, Libya
INTRODUCTION
Information technology plays a key role in removing the
constraints of time and place and causes information to
become available to users more quickly and satisfactorily
(Salehi and Torabi, 2012). The widespread use of
information via the Internet for various companies,
available in digital form, the development of science and
technology, and the exchange of information on the
Internet makes it easier to arrange all of life's activities
(Grey and Trireksani, 2012). This exchange improves the
global economy while creating new challenges and new
jobs. No matter how people try to ignore these
technological changes, one sees their importance
everywhere, reflected in the daily operation and
development of technology-based services (Brooks et al.
2010).
Due to globalization, the world is becoming more like a
small village (Bin Ali, et al. 2011). The technology, cultures,
organizations, and economies around the world can be
easily shared because they are interrelated and
interdependent. In fact, the number of people using the
Internet to access information has increased, including
investors, analysts, and stakeholders (Oyelere and
Kuruppu, 2012) Moreover, financial information on the
Internet is useful in making investments and other
business decisions (Bin Ali, et al. 2012). The Internet
provides excellent opportunities for companies to enhance
the preparation of reports for investors and other
stakeholders and to provide more information for better
analysis (Lipunga, 2014) The Internet provides an efficient
means for companies to improve communications with
individual financial investors, increase accessibility of
financial and non-financial information, decrease costs
associated with distributing hardcopy information, and
increase the frequency of information disclosure (Ojah and
Mokoaleli-Mokoteli, 2012).
Financial Reporting Users
Financial reporting plays a major role in companies, as it
reflects the efficiency and effectiveness in the
management of the company and the work done by the
company (Agboola and Salawu, 2012). The main objective
*Corresponding Author: Saad Mohamed Abdullah
lihniash, Department of Accounting, Management &
Science University, Malaysia.
Email: alh75saad23@gmail.com
Research Article
Vol. 3(1), pp. 025-031, January, 2019. © www.premierpublishers.org. ISSN: 2401-1720
Journal of Accounting, Auditing and Taxation

2. Exploring the Role of Technology and Internet Financial Reports on Financial Report Users in Libyan Financial Organizations
lihniash et al. 026
of financial reporting is to provide high-quality, first-hand
information on economic and financial entities, useful in
the process of economic decision-making [Nel, 2004,
Whittington, 2010]. The provision of high-quality financial
reporting information is necessary because it will positively
affect capital providers and other stakeholders in making
investment, credit, and similar resource allocation
decisions that strengthen the overall efficiency of the
market [Beest, et al. 2009]. Besides, the main objective of
the information and data published is “to communicate the
company's economic measurements and information
about resources and the performance of an entity is useful
for countries that have reasonable rights to such
information." In the new economy, companies in an
attempt to convey to the stakeholders to be a sound
investment and an effort to highlight the good value of the
company through the disclosure of relevant information in
the annual reports [Alhazaimeh, et al 2014].
In addition to the above, the financial report plays a major
role in business, as it reflects the efficiency and
effectiveness of business management and the work
undertaken by the company. Financial information is
important to investors, management, and shareholders in
government and business. The financial statements of the
organization affects all stakeholders, including
governments, creditors, investors, accountants, and the
general public. Over the years, the focus has been on
evaluating the financial aspects of the accounting quantity
of data and information [Hirshleifer and Teoh, 2003].
Financial reporting is also a means of alleviating the
problems of the agency [Graham et al. 2005]. Financial
reporting involves the disclosure of financial information to
management and the public (if the company is publicly
traded) about how the company is performing over a
specific period of time [Dolinsek et al 2014, Costello,
2011].
Thus, financial reporting serves two main purposes. First,
it helps management to engage in effective decision-
making on the company's overall goals and strategies. The
data disclosed in the reports can assist in identifying the
strengths and weaknesses of the company management,
as well as the overall financial health. Second, the financial
report provides vital information about the health and
activity of the company for shareholders, including
shareholders and potential investors, consumers, and
financial and government regulators. It is a way to ensure
that the company is managed appropriately. The next
section highlights the different types of financial report
users of accounting information [Baygi, et al. 2015, Yassin,
2017].
Owners and investors
Joint stock companies need financial information to help
them make investment decisions. Potential investors need
information to assess the company's potential for success
and profitability. Small business owners need financial
information to determine whether the company is profitable
and whether it will continue to improve or drop it.
Management
In small companies, the administration may include the
owners. In large organizations, however, management
consists of professionals hired who are entrusted with the
responsibility of the Department of Labour or part of the
work. They act as agents for the owners.
Managers
The financial statements are required to manage the
affairs of the company, evaluate the financial performance,
and make important business decisions.
Lenders
Money lenders, such as banks and other financial
institutions, are those interested in the company's ability to
repay its obligations when due (solvency).
Trade creditors or suppliers
Lenders and trade creditors or suppliers are interested in
the company's ability to repay its obligations when due.
However, special attention is also paid to the company's
liquidity, their ability to pay short-term obligations.
Government
The financial statements are also required to determine
the validity of the tax declared in tax returns. The
government keeps on the path of economic progress
through the analysis of financial statements of the
companies in the various sectors of the economy.
Employees
Financial statements are also used to evaluate the
profitability of the company in order to emphasize the
future wages and job security for employees.
Customers
Customers use financial statements to assess whether the
supplier has the resources to ensure a steady supply of
commodities in the future. This is vital especially where the
customer can depend on the resource component
specialist.
General Public
The general public is interested in the impact of the
company on the economy and the environment and the
community.

3. Exploring the Role of Technology and Internet Financial Reports on Financial Report Users in Libyan Financial Organizations
J. Acc. Aud. Tax. 027
Prospective Investors
Financial statements are also needed to assess the
feasibility of investment in the company and expected
profits in the future on the basis of profits in the financial
statements. Moreover, the risks associated with the
investment can be measured in the financial statements.
Therefore, the financial statements provide a basis for
making investment decisions for potential investors.
Financial Institutions
Financial institutions use financial statements to determine
whether to grant a loan or credit to the business. Financial
institutions in assessing the financial situation of the facility
determine the possible existence of bad loans. Any
decision to lend must be supported through adequate
asset base and liquidity.
Suppliers
Suppliers need financial statements in order to assess the
creditworthiness of businesses and make sure of the
supply of goods on credit. They also need to know whether
it will be repaid, according to assessments of the financial
health of the bank's clients.
Competitors
The bank compares a company’s performance with that of
competing companies, with the aim of learning and
developing strategies, and improving their
competitiveness.
Internet Financial Reporting
Internet Financial Reports (IFRs) have been increasingly
recognized as an important tool for companies to enhance
communication with stakeholders, to reduce costs, and for
time information asymmetry, and to display an image of
corporate transparency [Aly, et al. 2010, Botti, et al 2014].
IFRs are a form of voluntary reporting, which provides
additional information (financial and non-financial) for
stakeholders; in addition, this encourages the use of user-
support features and technologies of the Web to enhance
the usability of the company's website [Kelton and Yang,
2008]. The IFR refers to the use of the Internet sites of the
companies, in order to disseminate information about the
financial performance of the companies [Sanad, et al.
2016, Purba, et al. 2014].
The IFR is a modern technology which has been
introduced in the area of financial reporting [Moradi, et al.
2011]. There has been a growing number of empirical
studies on IFRs since 1995, reflecting the growth in this
form of information dissemination [Almilia, 2009, Ahmar
and Kamayanti, 2011]. IFR is an attractive and fast
growing research topic [Xiao, et al 2004]. IFR is more cost
effective, faster, more flexible in format, and accessible to
all types of users nationally and globally [Debreceny, et al.
2003]. Much IFR research has emerged over the last
decade. The earliest studies were produced during 1996
and 1997, only a year after the global, corporate interest in
the Internet as an advertising medium had commenced
[Khan and Ismail, 2013, Allam and Lymer, 2003].
The financial reports via the Internet is a new field of wide
research, making breakthroughs on a daily basis, and
affected by many factors such as social, cultural,
institutional, and legal factors, which in turn affect the
popularity of the Internet in financial reporting. The
companies that report financial information on their
websites are bigger and more powerful, their ownership is
more focused, they have more international investors, and
they are more modern than companies that do not rely on
the Internet [AlHtaybat, et al. 2011].
According to [Aly, et al. 2010], a company’s prospect of
having to publish financial information on the Internet does
not rely solely on individual characteristics, but the range
of effects of interaction between fixed characteristics (size,
leverage, liquidity, audit and profitability of the company)
as well as the type of industry, and the state [Khan and
Ismail, 2012].
Financial Reporting in Libya
Financial reports play an important role in the field of
government planning and activity. Economic planners
need financial information in order to determine the latest
economic development trends [Shareia, 2010]. The
accounting profession in developing countries, as in the
case of Libya, is based to a large extent on its accounting
education system. Accounting practices in Libya have
been affected by a number of factors, one of which is the
accounting education system [Bakar and Russel, 2003]. It
was also influenced by Western accounting, as the
application of accounting principles and auditing standards
in Libya followed those of the United Kingdom and the US
[El-Firjani, et al. 2014]. There is another factor that may
have an impact on the accounting profession in Libya: the
discovery of oil [Al-Absy, et al 2016]. Since the late 1950s,
the development of economic activities in Libya has led to
more reliable accounting information, becoming required
for many users, including management, investors, and
government [Shalba, 2016].
However, the need arose to create an accounting
profession that could take the responsibility to develop a
general framework for accountability in Libya [Egdair and
Lihniash, 2016]. This need was partly a result of conflicts
and the lack of uniformity in many accounting standards,
practices, and methods [Masoud, 2016].
The adoption of international financial reporting standards
in Libya was not an easy task, given the weakness of its
accounting infrastructure system [Buzied, 1998, Egdair, et
al. 2015]. International standards in reporting gave Libya

4. Exploring the Role of Technology and Internet Financial Reports on Financial Report Users in Libyan Financial Organizations
lihniash et al. 028
several advantages, including increased accountability for
achieving them and the potential to contribute to economic
development [Masoud, 2016]. For the implementation of
some international accounting standards should improve
access to fair value accounting with the decisive result of
increasing the level of comparison, and providing a more
reliable and accurate quality, and transparent and
accurate accounting of financial reports and things
[Mackenzie, et al. 2012].
DISCUSSION
The Impact of Technology on Financial Reporting
Users
Information technology (IT) has created significant benefits
for accounting departments. IT networks and computer
systems have shortened the lead time needed by
accountants to prepare and present financial information
to management and stakeholders. Not only this, but it also
has improved the overall efficiency and accuracy of the
information [Hla and Teru, 2015].
The biggest impact IT has made on accounting is the
ability of companies to develop and use computerized
systems to track and record financial transactions. Paper
ledgers, manual spreadsheets, and hand-written financial
statements have all been translated into computer
systems that can quickly incorporate individual
transactions into financial reports [Ghasemi, et al. 2015].
Most of the popular accounting systems can also be
tailored to specific industries or companies. This allows
companies to create individual reports quickly and easily
for management decision making. Additionally, changes
can be made relatively easy to reflect any economic
changes in business operations [Kerner and Kerzner,
2017].
Computerized accounting systems have also improved the
functionality of accounting departments by increasing the
timeliness of accounting information. By so doing,
accountants can prepare reports and operational analyses
that give management an accurate picture of current
operations.
The Impact of Internet Financial Reports on Financial
Reporting Users
The number of financial reports has also been improved
by computerized systems: cash flow statements,
departmental profit and loss, and market share reports are
now more accessible with computerized systems [Gelinas,
et al. 2011].
Most computerized accounting systems have internal
check-and-balance measures to ensure that all
transactions and accounts are properly balanced before
financial statements are prepared. Computerized systems
will also not allow journal entries to be out of balance when
posting, ensuring that individual transactions are properly
recorded [Yeboah, et al. 2014].
Accuracy is also improved by limiting the number of
accountants that have access to financial information.
Less access by accountants ensures that financial
information is adjusted only by qualified supervisors [
Ghasemi, et al. 2015].
Computerized accounting systems allow accountants to
process large amounts of financial information and
process it quickly through the accounting system. Quicker
processing times for individual transactions has also
lessened the amount of time needed to close out each
accounting period. Month-end or year-end closing periods
can be especially taxing on accounting departments,
resulting in longer hours and higher labor expense.
Shortening this time period aids companies in cost control,
which increases overall company efficiency [Aniefor,
2017].
Reports issued to outside investors and stakeholders have
been improved by computerized accounting systems.
Improved reporting allows investors to determine if a
company is a good investment for growth opportunities
and has the potential to be a high-value company.
Companies can utilize these investors for equity financing,
which they then use for expanding business operations
[Hla and teru, 2015].
Agency Theory as Underpinning Theory
The agency theory suggests that as owners are relatively
remote from firm conditions, they desire to make sure that
their equity rights are not vulnerable to any unethical
expropriations by the managers [Saleh Al Arussi, et al.
2009]. Agency theory provides an explanation for
management incentives to disclose voluntarily [Aly and
Simon, 2008]. Management, in order to alleviate owners’
problems, is more likely to voluntarily take several actions,
such as opening investigations and disclosures [Marston
and Polei, 204, Kolsi, 2012].
It is also argued that voluntary disclosure is a device of
control, which assists in safeguarding shareholders
against the opportunistic behavior of managers. This
thereby may contribute to ameliorating agency costs,
either arising from a divergence of interests between
managers and stockholders or between stockholders and
debt-holders [Henchiri, 2011].
The agency theory assumes that the level of disclosure will
vary by company characteristics such as leverage, size,
type of audit, status of the list, compliance with corporate
governance, etc. [Haniffa and Cooke, 2011, Nurunnabi

5. Exploring the Role of Technology and Internet Financial Reports on Financial Report Users in Libyan Financial Organizations
J. Acc. Aud. Tax. 029
and Alam Hossain, 2012]. Most studies in Internet
disclosure are premised on the goal of reducing agency
costs to justify the causal relationship between these
variables and the voluntary adoption of the practices of site
reporting [Xiao, et al. 2004]. For example, large-scale
companies will require larger financing needs, especially
through debt issuance; this is due to tax advantages.
Therefore, they will publish more disclosures that meet the
needs of investors and creditors, thereby reducing the cost
of capital [Kuruppu, et al. 2015, Oyelere, et al. 2003]. The
properties of the remaining company can be interpreted in
the same manner. In conclusion, disclosing more
information makes managers trustworthy towards
shareholders; then agency costs will be reduced, and the
agency theory will be justified accordingly [Collier, 2015].
The agency theory assumes that the level of disclosure will
vary with corporate attributes such as leverage, size, audit
type, listing status, and compliance to corporate
governance etc.[Nurunnabi and Alam Hossain, 2012].
Method of This Study
The procedure of this study is based on causal research
design, to discover the proposed conceptual outline, which
is displayed in the previous literature review of the current
study. Given that future empirical studies can depend on
the explanation that has been offered, it is clear that a
quantitative approach using investigation assessment is
the most applicable technique of exploratory public
financial organization.
Conceptual Framework
The proposed framework of this paper presents the two
independent variables of technology and Internet financial
report on the dependent variable, financial report users.
This framework can be investigated in an empirical future
study, exploring the two main hypotheses as follows:
H1: There is a significant direct relationship between a
technology factor such as the Internet and the financial
report users.
H2: There is a significant direct relationship between the
Internet financial report and the financial report users.
Figure 1. Conceptual Framework
CONCLUSION
The previous literature explains IFR and technology, in
determining the effects on the financial report’s users. IFR
practices in many countries surveyed in a number of
academic studies have been described, as well as some
evaluation of the theories in general and those used in
relation to the IFR study, and other factors, all being
closely linked to agency theory.
That raises some limitations of the current literature
review, which can be summarized as follows. First, agency
theory assumes that many Internet financial reports
detection applications aim at reducing the asymmetry of
information with stakeholders in the capital market. In
order to correct the assumption of asymmetry in
information, financial markets must be effective. This is
often not possible in developing countries, particularly in
Libya [Arifa, 2017]. Second, the modern economy is
concerned with enhancing the environment of
transparency and control on the part of organizations.
Therefore, the company is required to fulfill its
responsibility not only to shareholders but, rather, to all
stakeholders in society. Thirdly, the nature of online
reports differs from the nature of print reports, with online
reports emerging as a result of the development of
technological innovations.
In sum, there is a good reason to study the proposed
model in the empirical investigation to analyze the
hypothesized relations, with some other new factors such
as corporate governance controlling by some other
different factors, such as size, profitability, and working
financial capital to enhance the understanding and the
knowledge of IFR and financial report users, especially in
the Libyan context.
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Accepted 23 January 2019
Citation: lihniash SMA, Egdair IMM, Ahmed S (2019).
Exploring the Role of Technology and Internet Financial
Reports on Financial Report Users in Libyan Financial
Organizations. Journal of Accounting, Auditing and
Taxation, 3(1): 025-031.
Copyright: © 2019 lihniash et al. This is an open-access
article distributed under the terms of the Creative
Commons Attribution License, which permits unrestricted
use, distribution, and reproduction in any medium,
provided the original author and source are cited.