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PSAB - Public Private Partnerships [SOP]

Comment period ended on October 17, 2017

Pro­posed changes:

The objective is to develop a public sector accounting standard specific to accounting for public private partnerships.

Next steps:

The PSAB expects to issue an Exposure Draft in Q4/2018.

Last up­dated:

April 2018

Overview

Identified as a priority in PSAB’s 2014 Project Priority Survey, the Board approved a project to develop authoritative guidance specific to public private partnerships in December 2015.

In recent years, governments across Canada are increasingly using various forms of public private partnership arrangements for the provision of assets and delivery of services.

This project will focus on defining the scope of the proposed standard and developing guidance for public sector entities as the grantor.

This project is expected to develop in two stages. The first stage will involve contemplating specific issues, including project scope, recognition and measurement of a public private partnership and disclosure requirements. Other issues will also be considered. The second stage will involve determining how to account for public private partnerships.

In July 2017, the PSAB Issued a Statement of Principles (SOP) in respect of this project. The main features of the proposals are as follows: (i) public private partnership infrastructure is procured by the public sector entity using a private sector partner whose obligations include: a requirement to build, acquire, improve or refurbish; finance; and maintain and/or operate the infrastructure; (ii) public private partnership infrastructure is recognized as an asset where the public sector entity controls the infrastructure; (iii) a liability is recognized where the public private partnership gives rise to an obligation to the public sector entity to sacrifice future economic benefits; and (iv) infrastructure and the associated liability are measured initially at cost.

 

Other developments

April 2018

In April 2018, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue an Exposure Draft in Q4/2018.

January 2018

In January 2018, the PSAB staff updated this project to indicate that the PSAB expects to issue an Exposure Draft in Q3/2018.

September 2017

On September 28, 2017, the PSAB released the new In Brief resource that provides a plain and simple overview on technical topics. The inaugural In Brief gives an overview of the key principles developed in PSAB’s recently released Statement of Principles, Public Private Partnerships.

July 2017

On July 20, 2017, the PSAB issued an SOP in respect of this project.  Comments are requested by October 17, 2017.

April 2017

In April 2017, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue an SOP in Q3/2017.

January 2017

In January 2017, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue an SOP in Q2/2017.

April 2016

In April 2016, the staff of the PSAB updated the information in respect of this project to advise that the PSAB expects to issue a SOP in Q1/2017.

 

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