FASAB issues guidance on public-private partnerships

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.

The new guidance 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, FASAB said. Read more.