GASB issued a standard Monday, April 20, designed to improve state and local governments’ accounting for public-private and public-public partnership arrangements (P3s) and availability payment arrangements (APAs).
The GASB guidance is in Public-Private and Public-Public Partnerships and Availability Payment Arrangements (Statement No. 94). The standard provides guidance for P3 arrangements, including those outside the scope of GASB’s existing literature in Statement Nos. 60 and 87.
The new standard also makes certain improvements to guidance previously included in Statement 60 and provides accounting and financial reporting guidance for APAs.