Norwalk, CT - December 16, 2010 - The GASB issued statement 60, Accounting and Financial Reporting for Service Concession Arrangements. It addresses how to account for and report service concession arrangements (SCAs), a type of public-private or public-public partnership that state and local governments are increasingly entering into.
The Statement provides guidance on whether the transferor or the operator should report the capital asset in its financial statements, when to recognize up-front payments from an operator as revenue, and how to record any obligations of the transferor to the operator.
The requirements for Statement 60 are effective for financial statements for periods beginning after December 15, 2011.
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