Common Space has reported on City of Edinburgh Council utilisation of the ‘statutory override’, which is a legal mechanism to waive compliance with international accounting standards. Statutory overrides are used in councils Lobo loans with RBS, which due to changes in international accounting standards now have a significantly greater expense on local authority balance sheets than before. Joel Benjamin of Research for Action described the use of the statutory override as: “A get out of jail free card for auditors and Government desperate to avoid the prospect of further bankruptcies of debt laden town halls on their watch”
Edinburgh Council waived international accounting standards to get budgets signed off
0
