Accounting for the Private Finance Initiative: Birth, Growth, Death and Resurrection.
In this talk, Ron Hodges will review the troubled accounting history of the U.K.’s Private Finance Initiative (PFI) which has been a highly controversial method of funding public service delivery and infrastructure. The birth and growth of PFI was, at least partly, promoted on accounting treatments that kept PFI assets and related financial obligations off the public sector balance. The financial crisis from 2008 and the use of International Financial Reporting Standards seemed to have killed off the use of PFI as off-balance-sheet finance. However, amended forms of public private partnerships may see the resurrection of PFI-style mechanisms that limit the recognition of future taxpayer obligations.
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