PracticeConsultingPFI – Government delay on FRS5

PFI - Government delay on FRS5

The government last week advised local authorities to follow the new FRS5 on private finance initiative contracts, but exempted existing projects and those where bids are received by 1 January, reports John Stokdyk.

Paymaster General Geoffrey Robinson made the announcement shortly before councils received new guidance on PFI. The standard could shift assets back onto the public-sector?s balance sheet, increasing the Public Sector Borrowing Requirement.

David Davis MP, chairman of the Public Accounts Committee, and shadow chancellor Frances Maude both criticised the government for failing to apply the latest standards.

Commission warning

The Audit Commission has warned public-sector partners in private finance initiatives not to forget their duty to provide statutory services regardless of whether the private sector takes on risk, reports Ben Griffiths.

In a report designed to assist local authorities and National Health Service trusts in preparing PFI projects, the commission recommended bodies produce comprehensive plans before procuring private-sector services.

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