N ew s ta n d a rd guides OVERHEARD

p u b lic -p riv a te
p a rtn e rs h ip disclosures
'You have to
The change is meant to decide as a
ensure federal government
accountability.
company that
Federal reporting entities must make you want to be
new disclosures about public-private
partnerships on general-purpose finan­ data-driven.'
cial statements under recently issued
guidance from the Federal Accounting Paul Zikopoulos, IBM vice
Standards Advisory Board. president for com petitive and
The board’s Statement of Federal product strategy for Big Data
Financial Accounting Standards 49, and Analytics, w ho spoke at
Public-Private Partnerships: Disclosure the AICPA spring Council meet­
Requirements, established a definition of ing in May
a public-private partnership.
The standard identifies risk-based
characteristics that need to exist before
considering the partnership arrangement
or transaction for disclosure. If these
characteristics and other criteria are
met, the standard requires disclosure of
quantitative and qualitative information.
The information is intended to assist
users in understanding the nature of
public-private partnerships, including:
■ The relative benefits/revenues
received in exchange for the govern­
ment’s consideration.
■ The contractual terms governing pay­
ments to and from the government.
■ Related risks to the government,
including those deemed remote.
TOP: PHOTO BY CHERYL GER8ER/AP IMAGES: BOTTOM: IMAGE 8Y PSHONKA/ISTOCK

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