We follow a suite of standards developed by the Government Accounting Standards Board (GASB) — among them, documents that discover and recommend best financial management practice for school districts, colleges and universities which have lively financial arrangements with host communities regarding infrastructure and public safety services. The GASB has released a draft of its standard that covers public-private and public-public partnerships; linked below:
Public-private and public-public partnerships comprise a wide variety of arrangements between a government and another party that are engaged to provide services to a government’s constituents. An example would be the bond market in which most school districts, colleges and universities participate. The objective of this Statement is to better meet the information needs of financial statement users by improving the comparability of financial statements among governments.
Comments were due September 13th. We post this commenting opportunity even after the deadline this because there are further steps in the GASB due processes in which public comment is posted, comments re-mediated and thereafter formally released as a prouncement.
At the moment we do not advocate assertively in the GASB suite but we do follow the action as it pertains to the education industry and the activity of the many education industry trade associations whose advocacy activity we do follow. Stakeholders in the US education industry are encouraged to communicate directly with the GASB on any issue (CLICK HERE). The GASB suite is a standing item on our monthly Finance & Management Standards teleconference. See our CALENDAR for the next online meeting; open to everyone.
Dont forget to check out #GASB‘s proposed changes to Public-Private and Public-Public Partnership Arrangements (P3s). Let the board know what you think by our 9/13 comment deadline. https://t.co/AbVnSD2dO9#PPPs #P3s #cities
— FAF, FASB, and GASB (@FAFNorwalk) July 29, 2019
Category: Finance, Management
Colleagues: Mike Anthony, Jack Janveja, Richard Robben
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