Accounting Policy – Withdrawal of TPP 06-8 Accounting for Privately Financed Projects
This Treasury Circular withdraws TPP 06-8 Accounting for Privately Financed Projects. This Circular applies to all NSW public sector entities required to prepare general purpose financial statements under the Public Finance and Audit Act 1983, including Statutory State-Owned Corporations.
Summary:
Application
This Circular is issued as a Treasurer’s Direction under section 9 and section 45E of the Public Finance and Audit Act 1983 (PFAA) and therefore is mandatory and applies to all entities that are required to prepare general purpose financial statements under the PFAA, including Statutory State-Owned Corporations (SOCs). Treasury may subsequently limit or vary the application of this Circular.
Withdrawal of TPP 06-8
This Circular withdraws TPP 06-8 Accounting for Privately Financed Projects (TPP 06-8) effectively from 1 July 2020 onwards. TPP 06-8 is withdrawn alongside the introduction of AASB 1059 Service Concession Arrangements: Grantors (AASB 1059) which applies to annual reporting periods beginning on or after 1 January 2020.
This Circular must be read in conjunction with Treasury’s other Circulars and Policy Papers regarding Australian Accounting Standards. Upon withdrawal of TPP 06-8, agencies must assess all arrangements previously accounted for under TPP 06-08 to determine whether they are within scope for recognition under AASB 1059, or out of scope and required to be accounted for under another applicable Accounting Standard.
Stuart Walters
Chief Financial and Operations Officer, NSW Treasury
For
Michael Pratt AM
Secretary, NSW Treasury
