4.16 The Full Business Case (FBC) for a PPP scheme should demonstrate the proposed accounting treatment of the scheme. The FBC should include:
• an assessment of the proposed accounting treatment of the scheme in respect of the balance sheet prepared by the Director of Finance. This should be backed up by appropriate professional advice from external auditors or other appropriate financial advisors. The assessment should include a summary of the rationale and key elements underlying the accounting opinion;
• there must be a written indication from the external auditors that they have no objections to the proposed accounting treatment of the scheme.
4.17 If there are any material changes to a scheme after the written indication is received from the external auditors, then it may be necessary to obtain further confirmation prior to financial close.