The Libyan Investment Authority announces the completion of the preparation of its consolidated financial statements.
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Tripoli, December 21, 2023 (LANA) - The Libyan Investment Authority announced today, Thursday, the completion of the preparation of the consolidated financial statements for it and for all its affiliated companies, funds, and portfolios.
The institution confirmed in a statement on its Facebook account that this step came in cooperation with Deloitte, one of the largest international experts specialized in accounting and auditing, which supervised the revision and evaluation of the lists.
The institution added that all work related to the compilation and analysis of the consolidated financial statements has been successfully completed in accordance with recognized international accounting standards.
The statement added that the Foundation's specialized accounting and auditing team has devoted significant and continuous efforts to ensure the quality and accuracy of the consolidated financial statements in cooperation with the Foundation's international partners.
The Corporation explained that the financial statements were analyzed with great care to ensure the provision of accurate and reliable information that reflects a comprehensive picture of the financial position of the Corporation Group, in a precedent that is the first in its history within a unified financial reporting standard.
The institution indicated that the standard meets the needs of the Libyan Investment Authority and stakeholders to make the best strategic decisions at the group level and ensures control of operations and risk management, as well as identifying and settling inherited accounting problems, according to what was stated in the statement.