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Commonwealth's Counties

Financial Facts

GASB has issued a standard that improves state and local governments’ accounting for public-private and public-public partnership arrangements (P3s) and availability payment arrangements (APAs).   The guidance is included in GASB Statement 94.  The standard provides guidance for P3 arrangements including those outside the scope of GASB’s Statements 60 and 87.  

Under Statement 94, a P3 is defined as an arrangement in which a government transferor contracts with a governmental or nongovernmental operator to provide public services by conveying control of the right to operate or use a nonfinancial asset for an amount of time in an exchange or exchange-like transaction.   

VACo Contact: Vicky Steinruck, CPA

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