Federal govt seeks P3 draft support

The Federal Accounting Standards Advisory Board (FASAB) has requested assistance from the industry to develop draft disclosure requirements for US P3s.

Board chairman Tom Allen has announced that that FASAB is seeking input on the draft entitled Public-Private Partnerships Disclosure Requirements, which aims to provide guidelines for risk-based issues surrounding P3s.

The FASAB is currently is responsible for developing accounting standards for the US government and issued the report on October 1.

"Federal entities are increasingly turning to the private sector to help finance and deliver infrastructure, facilities, goods, and services," Allen said. "The resulting arrangements involve risk sharing, are financially complex, and may impose long-term commitments. The information provided as a result of this proposed standard will help users answer questions concerning budgetary resources obtained and used, the costs of providing specific programs and activities, and the associated long-term risks."

The deadline for interested parties to submit comment to the FASAB is January 2, 2015.

To view the draft document, 

click here.