n IMFO : Official Journal of the Institute of Municipal Finance Officers - Proposed guideline on accounting for public-private partnerships agreements
|Article Title||Proposed guideline on accounting for public-private partnerships agreements|
|© Publisher:||Institute of Municipal Finance Officers (IMFO)|
|Journal||IMFO : Official Journal of the Institute of Municipal Finance Officers|
|Publication Date||Winter 2008|
|Pages||10 - 12|
The Accounting Standards Board (the Board), at it meeting held in March 2008, agreed to re-issue the proposed Guideline on Accounting for Public-private Partnerships (PPPs) for comment. This follows the issue of the International Accounting Standards Board (IASB) IFRIC interpretation (IFRIC 12 Service Concession Arrangements) that provides guidance to private sector entities on accounting for service concession arrangements, and the outcome of the two tender projects undertaken by the National Treasury, one that involved a review aimed at the management of contingent liabilities incurred by the state through PPP agreements, and the other involving the review of the principles in the previously proposed guideline against four approved PPP agreements.
The proposed guideline outlines the Board's views on accounting for PPP agreements by incorporating the principles from the relevant Standards of GRAP. The purpose of this article is to explain the accounting principles addressed in the proposed guideline that explains how municipalities should account for PPP agreements.
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