The Libyan Investment Authority, Tripoli, has launched a strategic project to change the way it prepares the consolidated financial statements of all of its companies, portfolios and investment funds.

The move is part of the sovereign wealth fund’s transformation strategy, a spokeswoman said.

As part of the project – LIA’s largest strategic project – the heritage fund has finalized a comprehensive plan to prepare consolidated financial statements and will assess the current state of all financial policies and standards currently in use by the fund managers. It will also carry out a “gap analysis”, details of which were not available. Its work will result in the creation of a consolidated financial statement model for use by all companies associated with the heritage fund, in accordance with international standards, according to a press release.

The LIA also implements a training and qualification plan for employees of the finance departments and the fields concerned of the fund’s subsidiaries. The training will include how to deal with financial report forms, offloading and classification mechanisms and international standards. Specialized international consultants will provide support in the preparation of the consolidated financial statements.

The objectives are to allow the detection, identification and resolution of accounting and legal issues related to compliance, tax and financial matters in subsidiaries; provide a complete and exhaustive picture of LIA’s investments in accordance with international best practices; enable better strategic decision-making; and to enable the application of the Santiago principles, the press release said, referring to the global principles for sovereign wealth funds to promote transparency and good governance.

The Libyan Investment Authority held $ 68.4 billion in assets as of December 31, 2019, its latest valuation.