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Fiscal Accounting for PPPs in Korea

Oak Dong-Suk 1

1인천대학교

Accredited

ABSTRACT

A fiscal accounting and reporting standard has not yet been developed for PPPs In Korea. International statistical and accounting guidelines, e.g., SNA(System of National Accounts), GFSM(Manual on Government Finance Statistics), MGDD(Manual on Government Deficit and Debt), tend to allocate the ownership of the PPP assets to either the public or the private partner, depending on a determination of how risks are apportioned between the two sectors. MGDD is the most specific guidelines for a fiscal accounting for PPPs, saying a private partner will be assumed to bear the balance of PPP risk if it bears most construction/performance risk or demand risk. This paper applies Eurostat's MGDD to Korean PPPs, analyzing PPP risks in terms of the model contracts presented by PIMAC, Korean agency responsible for enhancing fiscal productivity through efficient and transparent public and private infrastructure investment management.

Citation status

* References for papers published after 2022 are currently being built.