NEW YORK-The International Public Sector Accounting Standards Board (IPSASB) released on April 4, 2008 a paper entitled" Accounting and Financial Reporting for Service Concession Arrangements. "
The consultation paper identifies issues and provides proposals to be considered in the development of IPSASB requirements for accounting and financial reporting of service concession arrangements.
The consultation paper provides an overview of the various types of arrangements that are considered public-private partnerships, of which service concession arrangements are a subset. Also included is an analysis of existing authoritative guidance to assess whether it is sufficient to address the accounting and reporting implications for these arrangements. The paper concludes that additional guidance is needed for service concession arrangements in the public sector.
Comments are requested by August 1, 2008, and it may be viewed by going to http://www.ifac.org/EDs.
The IPSASB, as an independent standard-setting board of the International Federation of Accountants (IFAC), focuses on the accounting and financial reporting needs of national, regional, and local governments. The primary goal of the IPSASB is to achieve convergence in financial reporting between different governments, with the private sector, and between financial reporting and economic statistics.
For more information please visit the following website: www.ifac.org