Ulster University Logo

Substance, Form and PFI Contracts

Kirk, Robert and Wall, Anthony (2001) Substance, Form and PFI Contracts. Public Money and Management, 21 (3). pp. 41-46. [Journal article]

Full text not available from this repository.


The Private Finance Initiative (PFI) was launched by the United Kingdom (UK) Government in 1992 in order to encourage the private sector in the UK to become more involved in public sector development projects. Moreover, a key theme of the initiative was that the public should receive ‘value for money’ with respect to such projects. This paper investigates the accounting issue as to whether or not the private or the public sector should record any related property in PFI projects on balance sheet. It argues that although both HM Treasury and the Accounting Standards Board (ASB) might agree on the accounting principles, the practical impact is that in order for related properties to stay off the public sector’s balance sheet, more risk needs to be transferred to the private sector. As a consequence of this, the objective of providing value for money to the public may not be achieved.

Item Type:Journal article
Faculties and Schools:Ulster Business School
Ulster Business School > Department of Accounting, Finance and Economics
Research Institutes and Groups:Business and Management Research Institute
ID Code:6028
Deposited By: Mr Anthony Wall
Deposited On:18 Jan 2010 17:19
Last Modified:04 Oct 2012 15:09

Repository Staff Only: item control page