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Private Finance Initiative: Accounting for the Private Finance Initiative

Author

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  • David Heald
  • Neal Geaughan

Abstract

This article examines how the context out of which the PFI emerged has conditioned its implementation. Attention is directed, in particular, towards how public expenditure is scored for the purposes of the national accounts and for public expenditure planning. The Treasury’s decision to substitute accruals for cash accounting across central government has significant implications for the accounting treatment of PFI assets. Certain important distinctions are analysed, notably that between assets which generate revenue streams from third-party payers and those which do not. The authors conclude that disclosure practices must give primacy to transparency about future obligations, over claims to commercial confidentiality.

Suggested Citation

  • David Heald & Neal Geaughan, 1997. "Private Finance Initiative: Accounting for the Private Finance Initiative," Public Money & Management, Taylor & Francis Journals, vol. 17(3), pages 11-16, July.
    • Handle: RePEc:taf:pubmmg:v:17:y:1997:i:3:p:11-16
    DOI: 10.1111/1467-9302.00076
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    Cited by:

    1. Benito, Bernardino & Montesinos, Vicente & Bastida, Francisco, 2008. "An example of creative accounting in public sector: The private financing of infrastructures in Spain," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 19(7), pages 963-986.
    2. Mark Hellowell & Allyson M. Pollock, 2009. "The Private Financing Of Nhs Hospitals: Politics, Policy And Practice," Economic Affairs, Wiley Blackwell, vol. 29(1), pages 13-19, March.
    3. Office of Health Economics, 2001. "The Economics of the Private Finance Initiative in the NHS," Monograph 000470, Office of Health Economics.
    4. Mark Hellowell, 2010. "The UK’s Private Finance Initiative: History, Evaluation, Prospects," Chapters, in: Graeme A. Hodge & Carsten Greve & Anthony E. Boardman (ed.), International Handbook on Public–Private Partnerships, chapter 14, Edward Elgar Publishing.
    5. L. Torres & V. Pina, 1999. "An empirical study on the performance of Supreme Audit Institutions in European Union privatizations," European Accounting Review, Taylor & Francis Journals, vol. 8(4), pages 777-795.

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