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FASAB provides new guidance on public-private partnerships disclosures
['Bryan Strickland']
Journal of Accountancy
In response to stakeholder comments, the Federal Accounting Standards Advisory Board (FASAB) issued a technical release to assist reporting entities in implementing a standard related to disclosure of public-private partnerships.
According to a news release, TR 24: Implementation Guidance for SFFAS 49, Public-Private Partnerships, provides implementation guidance regarding challenges that practitioners have reported since 2016.
That’s when the Statement of Federal Financial Accounting Standards (SFFAS) 49, Public-Private Partnerships: Disclosure Requirements was issued.
The TR will ensure that integrated information is provided through concise, meaningful, and transparent disclosures; that disclosures are not duplicative; and that financial reporting objectives are met while mitigating preparer burden, the news release said.
— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.