The compulsory implementation of IFRS 16 leases by local authorities from 2024/15 means that authorities accounting for service concessions under the CIPFA accounting code’s application of IFRIC 12 must apply IFRS 16 to any liabilities they record as embedded finance leases from the transition date, requiring a recalculation of any such liability with potentially material effect. So, what are the issues authorities will need to consider in managing this transition?
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