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The purpose of this paper is to evaluate privatization process, obstacles and difficulties faced by the Libyan economy, particularly financial institutions, mainly banks. Despite the fact that goals of privatization proclaimed by the Government dereliction in the area of developing financial markets and making the economy more efficient, it is the process with many obstacles. Privatization has also been motivated with political reasons and all the effects of it in this paper will be considered through this prism. In this paper we analyzed the privatization of one of the largest commercial banks in Libya, named Sahara bank. This bank was purchased by French BNP Paribas bank and the results of this privatization supported the idea that when privatization process is led efficiently and smoothly it affects the entity its employees and economy as a wholpositively affects the entity, its employees and economy as a whole.

Accounting information system can be divided into traditional system based on computers with the database allocated among divisions and integrated business application (ERP- Enterprise Resource Planning) where all divisions have access to the data needed to successfully complete their basic functions. Integrated business solutions increase business efficiency, encourage preparation of reports of a high quality and increase efficiency of decision making processes. However, not only that these ERP models and their implementation is not cost effective they also decrease employee moral because ERP solutions are seen as a method of downsizing. Only 9,9% of Serbian enterprises use ERP solutions. The goal of this paper is to point out problems and challenges of ERP implementation, but also to focus on its advantages in terms of increased efficiency of the business.

Up until now accounting standards regarding financial instruments were changed several times. The latest change was the issuance of the IFRS 9 Financial instruments published for the purpose of simplifying the rules in its predecessor IAS 39 Financial instruments: recognition and measurement. From the above mentioned changes of accounting regulatory regime for financial instruments we may conclude that accounting bodies, so far, have not found the adequate approach and treatment for the financial instruments. They considered that fair value would be a revolutionary measure for the financial instruments and that this measure would provide more relevant, transparent and comparable information. But the standard setters did not predict that this measurement attribute might have an effect on earnings power and financial position of a company. In this paper we observe critiqually the main differences between IFRS 9 and IAS 39 regarding the recognition and measurement of financial instruments and with an emphasis on of some problems of early adoption of IFRS 9 by companies.