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From the 2018 to 2019 financial year, local authorities will be required to implement a new accounting standard: IFRS 9 Financial Instruments.
IFRS 9 updates the accounting treatment and risk disclosures to be included in financial statements by entities that hold financial instruments.
The sector has made representations to government claiming that some of the provisions in IFRS 9 Financial Instruments will have negative impacts. We are consulting on potential mitigations to those provisions.