IPSASB. October IPSAS 32 Service Concession Arrangements: Grantor THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD
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1 IPSASB THE INTERNATIONAL PUBLIC SECTOR ACCOUNTING STANDARDS BOARD AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR IPSAS 32 Service Concession Arrangements: Grantor This summary provides an overview of IPSAS 32, Service Concession Arrangements: Grantor Project purpose: October 2011 IPSAS 32 establishes the accounting and reporting for the grantor in a service concession arrangement. A service concession arrangement is a specific type of a public-private partnership that has both an asset and a service component. IPSAS 32 defines a service concession arrangement as... a binding arrangement between a grantor and an operator in which: (a) The operator uses the service concession asset to provide a public service on behalf of the grantor for a specified period of time; and (b) The operator is compensated for its services over the period of the service concession arrangement. For the purposes of IPSAS 32: A grantor is the entity that grants the right to use the service concession asset to the operator. An operator is the entity that uses the service concession asset to provide public services subject to the grantor s control of the asset. Project stage: In October 2011, the IPSASB published IPSAS 32, Service Concession Arrangements: Grantor. 1
2 Why did the IPSASB undertake this project? AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR The assets and liabilities arising from many service concession arrangements are not currently shown in a grantor s statement of financial position. Over the past several years, public sector entities use of service concession arrangements to meet their significant infrastructure needs has increased worldwide. Such arrangements are a public sector issue that is not addressed, from the public sector point of view, by international accounting pronouncements. IFRIC 12 1, Service Concession Arrangements, applies only to the operator, typically a private sector entity. The grantor is typically a public sector entity. IPSAS 32 provides for the recognition, measurement, and disclosure of service concession assets and related liabilities, revenues, and expenses by the grantor. The criteria in IFRIC 12 for determining whether the operator controlled the asset used in a service concession arrangement were also used by the IPSASB to assess whether the grantor controlled the asset. This approach minimizes the possibility that neither the operator nor the grantor would recognize the service concession asset. IPSAS 32 also creates symmetry with IFRIC 12 on relevant accounting issues (i.e., liabilities, revenues, and expenses) from the grantor s point of view. In addition, IPSAS 32 is consistent with SIC-29 2, Service Concession Arrangements: Disclosures. The recognition of these items, along with the required disclosures, makes such arrangements more transparent and improves the accountability of the grantor because economically similar transactions are accounted for consistently, which provides greater comparability among grantors. It also reduces opportunities to structure transactions to achieve a particular accounting outcome. 1 2 Interpretation 12 of the International Financial Reporting Interpretations Committee of the International Accounting Standards Board (IASB). Interpretation 29 of the Standing Interpretations Committee of the IASB. 2
3 AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR Scope of the arrangements and assets addressed by IPSAS 32 What type of arrangements? What type of assets? Various types of binding arrangements exist that involve private sector participation in the development, financing, operation and/or maintenance of assets used to provide public services. IPSAS 32 does not apply to all arrangements that include private sector participation. An arrangement within the scope of this Standard typically involves an operator constructing or developing an asset used to provide a public service or upgrading an existing asset (e.g., by increasing its capacity) and operating and maintaining the asset for a specified period of time. A service concession asset recognized under IPSAS 32 may be property, plant, and equipment or an intangible asset that is an: existing asset of the operator; asset constructed or developed by the operator; asset acquired by the operator; or upgrade to an existing asset of the grantor. The operator is compensated for its services over the period of the arrangement. Arrangements that are not within the scope of this Standard would be accounted for using other IPSASs, as appropriate to their specific terms and conditions. 3
4 AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR When should a grantor recognize a service concession asset? IPSAS 32 contains the same principles for determining whether to recognize a service concession asset as those in IFRIC 12. IPSAS 32 uses the same criteria for determining which party should recognize a service concession asset as those for the operator set out in IFRIC 12. Providing a mirror image to IFRIC 12, IPSAS 32 requires the grantor to recognize an asset as a service concession asset if the following conditions are met: (a) The grantor controls or regulates what services the operator must provide with the asset, to whom it must provide them, and at what price; and (b) The grantor controls through ownership, beneficial entitlement or otherwise any significant residual interest in the asset at the end of the term of the arrangement. For a whole-of-life asset, only the conditions in paragraph (a) need to be met. Only assets provided by the operator (existing asset of the operator, constructed or developed, purchased or an upgrade to an existing asset of the grantor) are recognized. Existing assets of the grantor (other than upgrades thereto) used in a service concession arrangement are reclassified as service concession assets no additional asset and related liability are recognized in such cases. IPSAS 32 does not create new principles for timing of recognition of the service concession asset, or its measurement. It refers to the IPSASs where those principles are set out, and provides relevant application guidance. One area on which guidance was provided related to assets that were constructed or developed by the operator to illustrate how the service concession asset are be recognized in accordance with IPSAS 17, Property, Plant, and Equipment or IPSAS 31, Intangible Assets. Under IPSAS 32, the grantor must recognize the service concession asset and related liability if the conditions for asset recognition in IPSAS 17 or IPSAS 31, are also met. 4
5 How is the liability treated? AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR The type of liability the grantor recognizes under IPSAS 32depends on how the grantor compensates the operator. If the grantor compensates the operator partly by making payments and partly by the grant of a right to the operator, it is necessary to account separately for each portion of the total liability. The amount initially recognized for the total liability is the same amount as the fair value of the service concession asset. Each portion of the liability is recognized initially at the fair value of the consideration paid or payable. Financial Liability Model The grantor compensates the operator for the construction, development, acquisition, or upgrade of a service concession asset and service provision by making a predetermined series of payments to the operator. The transaction meets the definition of a financial liability and is accounted for in accordance with IPSAS 28, Financial Instruments: Presentation, the derecognition requirements in IPSAS 29, Financial Instruments: Recognition and Measurement, and IPSAS 30, Financial Instruments: Disclosures, except as required by IPSAS 32. Grant of a Right to the Operator Model The grantor compensates the operator for the construction, development, acquisition, or upgrade of a service concession asset by granting the operator the right to earn revenue from third-party users of the service concession asset or another revenue-generating asset. The transaction is an exchange transaction involving dissimilar assets (a service concession asset for the grantor and an intangible asset for the operator) that gives rise to revenue for the grantor. However, as the service concession arrangement covers a period of time, the grantor does not recognize the revenue immediately. The grantor recognizes a liability for any portion of the revenue that is not yet earned. 5
6 How are revenues and expenses treated? AT A GLANCE SERVICE CONCESSION ARRANGEMENTS: GRANTOR Financial Liability Model Payments to the operator are allocated and accounted for according to their substance as a reduction in the liability, a finance charge, and charges for services provided by the operator. If the asset and service components of a service concession arrangement are separately identifiable, the amount allocated to each component is determined by reference to their relative fair values. If they are not, the components are determined using estimation techniques. The finance charge and charges for services provided by the operator are accounted for as expenses. Grant of a Right to the Operator Model As noted previously, the grantor does not recognize revenue from the exchange of dissimilar assets immediately because the right granted to the operator is effective for the period of the service concession arrangement. Likewise, the grantor earns the benefit associated with the assets received in the service concession arrangement in exchange for the right granted to the operator over the period of the arrangement. A liability is recognized for any portion of the revenue that is not yet earned. Revenue related to the recognition of the service concession asset is recognized according to the economic substance of the service concession arrangement, and the liability is reduced as revenue is recognized. Other Revenues and Expenses Other revenue is recognized in accordance with IPSAS 9, Revenue from Exchange Transactions. Where revenue-sharing provisions exist, the grantor recognizes revenue as it is earned, in accordance with the substance of the service concession arrangement, after any contingent event (e.g., the achievement of a revenue threshold) is deemed to have occurred. The grantor applies IPSAS 19, Provisions, Contingent Liabilities and Contingent Assets, to determine when the contingent event has occurred. 6
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