Don Peebles, Head of CIPFA’s Policy and Technical, said: “Not all local authorities will have these type of loan, however – LOBO’s are complex financial instruments and my advice to local authorities is to ensure that they have reviewed all LOBOs and are satisfied with the accounting treatment. Consult your appointed auditor. Seek specialist advice from your appointed treasury adviser. And, finally, ensure that you maintain contact with CIPFA’s Finance Advisory Network, who will be issuing a briefing note as soon as possible.”
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. CIPFA shows the way in public finance globally, standing up for sound public financial management and good governance around the world as the leading commentator on managing and accounting for public money.