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Following on from the success of last year’s Accounting for PFI Projects conference we are once again bringing together a wide variety of PFI/PPP specialists within the accountancy and auditing field to tackle the issues that matter.

It is often the accountancy problems, which cause PFI/PPP projects to fail or perhaps not achieve optimum value for money. It is the aim of Implementation Issues in PFI/PPP Accounting and Auditing to clarify the situation and offer some practical and real advice on how to administer your financial reports in a cost-effective manner for the taxpayer, public and private sectors.

Topics covered will include accounting, auditing, public and private sector perspectives, tax, risk analysis and separation of the contract. The conference will provide specific case studies demonstrating the different types of approaches and problems encountered when undertaking financial reporting for PFI/PPP projects.

Please register now to guarantee your place at this important conference.

Conference programme

8:30 Registration & Coffee

9:00 Chairman's Opening Remarks

Richard Thomas

Richard Thomas, Managing Director, Rotch Property Group

9:10 SETTING THE SCENE

Peter Morgan

Peter Morgan, Audit Manager, National Audit Office

  • How the NAO approach their reviews of the accounting treatment for PFI/PPP projects
  • The importance of reconsidering the accounting treatment at key stages in the procurement process
  • Latest developments on retrospection and other major issues
  • Audit Considerations
  • 9:40 KEYNOTE ADDRESS

    Chris Lewin

    Chris Lewin, Chairman of Corporate Finance Committee, Institute of Actuaries

  • Key principles(Treasury Technical Note No. 1)
  • Linking the accounting treatment and the appraisal
  • A methodology for quantitative risk analysis
  • The financial model
  • Some accounting issues
  • The way forward
  • 10:20 THE EVOLUTION OF THE ACCOUNTING STANDARDS FOR PFI/PPP PROJECTS

    Isobel Sharp

    Isobel Sharp, Partner, Professional Standards Group, Arthur Andersen

  • An analysis of the amendments to the original FRS5
  • Features and consequences of new recommendations and practices
  • How the new regulation will help in the separation of the contract
  • Should SSAP21 or FRS5 be applied to various PFI/PPP contracts?
  • How to apply SSAP21? How to apply FRS5?
  • How UK accounting, including SSAP 21, may change?
  • 11:00 Morning Coffee

    11:20 THE PRINCIPLE OF SEPERATION - A LEGAL PERSPECTIVE

    Frank Suttie

    Frank Suttie, Partner, Garretts

  • The concept of separation and unitary charge
  • Circumstances to look out for when seeking to identify contract separation
  • Implications for schemes currently in procurement ‘Soft’ fm services-do they have a future in PFI projects?
  • Implications for concession based PFI projects
  • 12:00 CASE STUDY

    Robert Anderson

    Robert Anderson, Head of Financial Planning, Lothian University Hospitals NHS Trust

  • The provision of service and PFI
  • Project structuring and development
  • Assessment of Risk Transfer
  • Role of external auditors
  • Securing business case approval
  • Lessons learnt from the project
  • 12:40 Lunch

    13:40 CASE STUDY

    Neil Irwin

    Neil Irwin, Director, Marsh UK

  • Project Risk Audit
  • Risk Allocation Procedure
  • New Credit Enhancement Techniques
  • Ridership Issues
  • 14:20 THE PRIVATE SECTOR VIEW

    Adrian Ewer

    Adrian Ewer, Group Finance Director, Laing

  • An exploration of the effects of the technical notenumber 1 on the structure, planning and transfer of risk under future PFI transactions
  • Understand with certainty the proper accounting treatment of service-based PFI/PPP transactions
  • The reoccurring issue of whether or not the property should be included in the balance sheet of the public body or the private sector provider
  • Implications and consequences of recommending that 2 bidders remain in the race until financial close
  • An analysis of the cries for compensation and the unfair load which is placed on the private sector
  • The risks of short-cuts rather than innovation
  • 15:00 UNOFFICIAL GUIDELINES

    Alan Aisbett

    Alan Aisbett, Partner, Pinsent Curtis

  • The added complexities when dealing with the public sector
  • A brief discussion of the transitional arrangements
  • Ensuring that the benefits gained outweigh the costs involved
  • The unenviable decision of whether to restart the project, continue, change the risk profile or proceed on a basis which may not satisfy new requirements
  • The relevance of the time factor
  • An overview of the pragmatic approach taken by the treasury to assist purchases within PFI/PPP transactions
  • 15:40 Afternoon Tea

    16:00 CASE STUDY

    Chris Waites

    Chris Waites, Head of PFI, Tillinghast-Towers Perrin

  • What risks should be retained by the public sector?
  • What transferred risks can be managed by the private sector and how?
  • Optimum risk transfer
  • Revenue risk and operating risk
  • The impact of different financing arrangements
  • Why risk transfer is central the to accounting debate
  • 16:30 CASE STUDY -ON OR OFF THE BALANCE SHEET

    Richard Langford

    Richard Langford, Finance Director, Newchurch & Company

  • An explanation of the existing guideline and procure to aid in settling this important issue
  • An analysis of the indicators that can be used to determine where the asset of the contract should be
  • The required accounting that is required onoce it has been decided where the asset of the property falls
  • Why allocating the risk is central to the accounting debate
  • 17:00 Chairman’s Closing Remarks and Close of Day One

    17:10 Informal Networking Drinks Reception for Speakers and Delegates

    8:30 Re-registration & Coffee

    9:00 Chairman's Opening Remarks

    Susan Owen

    Susan Owen, Partner, Project and Finance Group, Masons

    9:10 CASE STUDY

    David Locke

    David Locke, Senior Executive, Public Private Partnership Programme

  • An analysis of the uncertainty over the accounting treatment of council transactions
  • The contract structure test and its relevance to the determination of accounting treatment
  • The revised guidance and the issues that this imposes on accounting for local authority PFI/PPP schemes
  • The addition of ‘soft services’ into PFI deals to assist in demonstrating risk transfer
  • Ensure that authorities have flexibility with transactions in accordance with the guidance and the commercial needs of the project
  • Capital Finance Regulation Vs Accounting Treatment Approach
  • 9:40 KEY NOTE ADDRESS - PERSPECTIVES FROM THE CONFEDERATION OF BRITISH INDUSTRY (CBI)

    Derek Collins

    Derek Collins, Chairman of CBI, Working group on PFI Accounting, The Confederation of British Industry

  • The CBI’s consideration on PFI/PPP projects
  • Issues of PFI/PPP accounting
  • A perspective from the private sector
  • Value for money examinations
  • Increasing public/private sectors expertise on how PFI projects operate
  • The way forward for PFI transactions
  • 10:20 CASE STUDY- LEWISHAM SCHOOL KITCHENS, LEWISHAM BOROUGH COUNCIL

    Lela Kogbara

    Lela Kogbara, Head of Resources, Lewisham Borough Council

  • Overview of Lewisham’s catering PFI
  • Managing requirements of different council departments
  • Contract and Finance Structures
  • Value for money
  • Budget and accounting issues
  • Securing a deal-risk exchange and cost implications
  • 11:00 Morning Coffee

    11:20 ACCOUNTING FOR PROPERTY PROJECTS

    Martin Blackwell

    Martin Blackwell, Head of PFI Consultancy, Colin Brookes Associates

  • On and off the balance a short overview
  • A property based consideration of FRS5
  • The affect of Treasury technical note no 1
  • Separating the PFI contract between service and asset elements (an old problem)
  • Property specific factors to consider, the variations in property profits and risk in general. A detailed look at a number of key issues. (The rise of new problems?)
  • 12:00 TARGET SETTING

    Doug Carlisle, Managing Director, Nexus Health Finance

    Doug Carlisle, Managing Director, Nexus Health Finance, , Russell Gates, Senior Project Manager, EC Harris

  • New for old. The costs of quality improvements
  • The importance of robust capital costing and risk assessment at an early stage in project
  • Whole Life Costs-the need for benchmarks
  • Producing robust and realistic output specifications and their impact on service costs
  • What other costs should be included?
  • Achieving Purchaser support for the full concession period
  • 12:40 Lunch

    14:00 TAXATION ISSUES

    Paul Bartlett

    Paul Bartlett, Senior Manager, Deloitte & Touche

  • Managing tax risk
  • Passing tax risk and benefits to the public sector
  • Key task issues
    -capital allowances
    -project finance and leasing
    -consortium relief
  • Interaction of tax and accounting policies
  • Tax planning
  • Future trends in PFI taxation
  • 14:40 RISK ALLOCATION

    Michael Dwan

    Michael Dwan, Managing Director, North Consulting & Trading Partners

  • Assess quantifiable and non-quantifiable risks
  • An overview of some frequently used factors which can be used when deciding where the risk lies
  • Watch out for the dangers of spurious accuracy
  • Avoid the dangers of new risks when considering varying payment mechanisms to be used
  • An explanation of the various risks that are relevant when undertaking PFI/PPP projects
  • 15:20 Afternoon Tea

    15:40 A FACILITIES MANAGEMENT PERSPECTIVE

    John Fryer

    John Fryer, Director, Citex

  • The importance of procurement teams needing to understand how accounting judgements are to be made within a FM organisation
  • Ensuring the necessary data is available and presented in a clear & structured manner
  • Clarify the situation in dealing with the potential changes in relevant costs and technology in the procurement process
  • Ensure commercial awareness and success as well as demonstrating the correct accountancy procedures
  • The key role which operators now play within the PFI/PPP arena
  • 16:20 IS ACCOUNTING DICTATING PFI PROCEDURE?

    Rob Francis

    Rob Francis, Director, Pannell Kerr Forster

  • The political and economic context
  • Risk as an component of the value for money checks
  • Ensuring the fairness and adequacy of risk transfer
  • Accounting for all of each deal’s risks and liabilities
  • Consequential cost to the public sector
  • Optimisation within the rules
  • 17:00 Chairman's Closing Remarks and Close of Conference

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    WHAT IS CPD?

    CPD stands for Continuing Professional Development’. It is essentially a philosophy, which maintains that in order to be effective, learning should be organised and structured. The most common definition is:

    ‘A commitment to structured skills and knowledge enhancement for Personal or Professional competence’

    CPD is a common requirement of individual membership with professional bodies and Institutes. Increasingly, employers also expect their staff to undertake regular CPD activities.

    Undertaken over a period of time, CPD ensures that educational qualifications do not become obsolete, and allows for best practice and professional standards to be upheld.

    CPD can be undertaken through a variety of learning activities including instructor led training courses, seminars and conferences, e:learning modules or structured reading.

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    There are approximately 470 institutes in the UK across all industry sectors, with a collective membership of circa 4 million professionals, and they all expect their members to undertake CPD.

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