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It is often accounting problems that have sounded the death knell for PFI schemes. It is the aim of this conference to offer guidance to the pitfalls that public and private sector accountants should steer clear of. Topics covered at the conference will include accounting, auditing, legal and tax issues, which will be discussed both in theoretical terms and through practical current PFI case studies. The forum will address key issues including project risk, how are PPP/PFI projects accounted for in the public sector budget, a private sector view, target setting and the impact of accounting standard UITF34, which will be discussed in both theoretical terms and through practical current PPP/PFI case studies.

Key issues that will be addressed at the conference:

  • Gain an insight into PFI accounting in the public sector
  • Analysis of accounting procedures in both public and private sectors
  • Identifying the audit issues
  • Understand the risks prior to the bidding of contracts
  • Impact of new accounting and auditing standards
  • PPP/PFI contract and finance structures

Gain an insight from the key industry experts in the field including:

  • David Finlay, Head of PFI Development, National Audit Office
  • David Locke, Senior Executive, Public Private Partnerships Programme
  • Peter Morgan, Manager, Accounting Advice, National Audit Office
  • Damian Murray, PPP/PFI Specialist, District Audit
  • Stan Mitchell, Chairman, British Institute of Facilities Management
  • Brian Roberts, Deputy County Treasurer, Staffordshire County Council
  • Angus Hughes, Client Manager, Bolton Metropolitan Borough Council
  • Louise Matthews, Risk and Legal Manager, University Hospital, Birmingham NHS Trust
  • Paul Curran, PFI Project Manager, Barking Havering & Redbridge Hospitals NHS Trust
  • Dave Tatman, Project Manager, Sandwell Metropolitan Borough Council

The conference is supported by the PFI Intelligence Bulletin.

Conference programme

8:30 Registration and Coffee

9:00 Chairman's Opening Remarks

Brian Madden

Brian Madden, Treasurer, International Project Finance Association

9:10 KEY LESSONS FROM THE VFM AUDITS OF PFI/PPP PROJECTS

David Finlay

David Finlay, Head of PFI Development, National Audit Office

  • Key lessons learnt from the 30 PPP/PFI reports published by the NAO
  • Common pitfalls in assessing the value for money of major projects
  • Reassessing the project during the contract period
  • Challenges for the future
  • 9:40 LOCAL AUTHORITY AND PPP ACCOUNTING PRACTICES

    David Locke

    David Locke, Senior Executive, Public Private Partnership Programme

  • The key aspects involved in financing PPPs in local authorities
  • The essentials of a financial model - what does a financial model need to cover?
  • Who needs to be in the financial modelling?
  • Lessons to be learnt to date
  • The future for PPPs and PFI in Local Government
  • 10:20 A FACILITIES MANAGEMENT PERSPECTIVE

    Stan Mitchell

    Stan Mitchell, Chairman, British Institute of Facilities Management

  • The procurement priorities in relation to FM
  • FM standards and measurement – the common dilemma
  • The ‘added value’ through FM and how it should be accounted for
  • The carrot and the stick – does it deliver the right solution
  • How important is FM in the final solution
  • 11:00 Morning Coffee

    11:20 ON OR OFF THE BALANCE SHEET

    Brian Roberts

    Brian Roberts, Deputy County Treasurer, Staffordshire County Council

  • Overview of the off/on, private/public debate
  • 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 lie
  • The accounting that is required once it has been decided where the asset of the property falls
  • Why allocating the risk is central to the accounting debate
  • 12:00 CASE STUDY: BOLTON MAGISTRATES COURT

    Angus Hughes

    Angus Hughes, Client Manager, Bolton Metropolitan Borough Council

  • Difficulties encountered in new PFI projects
  • The political and economic context
  • Managing and assessing risk prior to bidding
  • Accounting for all of each deal’s risks and liabilities
  • Consequential cost to the public sector and how it is accounted for
  • 12:40 Networking Lunch

    14:00 ACCOUNTING PROBLEMS

    Paul Thomson

    Paul Thomson, Senior Manager, Pricewaterhouse Coopers

  • Accounting standards and techniques used in PPP/PFI
  • Do accounting standards impact on the effectiveness of PPP/PFI
  • Do accounting rules need to be reviewed?
  • Is it necessary to have consistency between public and private sector accounting treatments
  • 14:40 THE EVOLUTION OF THE TAXATION FOR PPP/PFI PROJECTS

    Paul Bartlett

    Paul Bartlett, Head of Project Finance, Deloitte Touche

  • Review of traditional tax structure for PFI projects
  • The contract debtor approach to the taxation of PFI projects
  • Relief for intangibles and UITF 34, the effect on tax relief for bid costs
  • The proposed reform of corporation tax and its impact on PFI projects
  • The stamp duty reform and its impact on PFI projects
  • 15:20 THE RISK AUDIT MODEL

    Michael Walker

    Michael Walker, Director for Head of Risk Management, Currie & Brown Consulting

  • Risk & rewards – attitudes & allocation
  • Are the risks off balance sheet too?
  • The project risk audit
  • Risk financing techniques
  • Risk models
  • 16:00 Chairman's Closing Remarks followed by Afternoon Tea
    Close of Day One

    8:30 Re-registration and Coffee

    9:00 Chairman's Opening Remarks

    Paul Mountain

    Paul Mountain, Partner, Martineau & Johnson

    9:10 PFI ACCOUNTING IN THE PUBLIC SECTOR

    Peter Morgan

    Peter Morgan, Manager, Accounting Advice, National Audit Office

  • Different interpretations of the guidance
  • Practical problems in its application
  • Auditors’ judgements compared to advisers’ opinions
  • The case for reviewing the accounting rules
  • 9:40 A WATCHDOG’S TALE

    Damian Murray

    Damian Murray, PPP/PFI Specialist, Audit Commission

  • Taking the citizen’s perspective
  • Supporting well-managed service innovation
  • Identifying the audit risks
  • Asking the right questions at the right time
  • Putting the accounting treatment last
  • 10:20 A PERSPECTIVE FROM A PFI PROJECT

    Paul Curran

    Paul Curran, PFI Project Manager, Barking Havering & Redbridge Hospitals NHS Trust

  • Background to our project “Building a new hospital for Romford”
  • Accounting treatment for the project
  • Issues of PPP/PFI accounting at various stages of the project
  • Achieving affordability
  • Value for money analysis in practice
  • FRS5 interpretation as projects become increasingly standardised
  • 11:00 Morning Coffee

    11:20 CASE STUDY

    Louise Matthews

    Louise Matthews, Risk and Legal Manager – Birmingham New Hospitals Project, University Hospital Birmingham, NHS Trust

  • PFI project risk
  • Risk identification and analysis
  • Risk allocation
  • The Birmingham new hospitals project
  • 12:00 IMPACT OF NEW ACCOUNTING AND AUDITING STANDARDS ON PRIVATE SECTOR GROUPS INVOLVED IN THE PROVISION OF AN INTEGRATED PPP/PFI SOLUTION

    Speaker to be confirmed

    Speaker to be confirmed, ,

  • The impact of the new accounting and auditing standards
  • What impact is the requirement of UITF 34 having in practice
  • How will the future adoption International Accounting Standards change current practice
  • Other related issues – including taxation
  • Experiences from recent projects
  • 12:40 Lunch

    14:00 CASE STUDY

    Michael Ware

    Michael Ware, Director, RSM Robson Rhodes

  • Overview of the project so far
  • The financial and contractual implications of working in partnerships with health authorities and the private sector simultaneously
  • Analysis of the difficulties encountered from an accounting and auditing perspective
  • Attracting market interest
  • Assessment of risk transfer
  • Modelling private sector costs and returns

    Lessons learnt from the project

  • 14:40 RISK ALLOCATION

    Michael Dwan

    Michael Dwan, Managing Director, North Consulting and Trading Partners

  • Assessing quantifiable and non-quantifiable risks
  • An overview of some frequently used factors which can be used when deciding where risks lie
  • 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 PPP/PFI projects including: · Demand risk · Design risk · Construction risk · Residual value risk
  • 15:20 CASE STUDY

    Neil Rutledge

    Neil Rutledge, Senior Manager, Grant Thorntons

  • Overview of project to date
  • Analysis of accounting and auditing structure
  • Cost effectiveness of PPP/PFI project
  • Risk Assessment
  • New problems regarding auditing and accounting
  • Accounting and auditing lessons learnt from project
  • 16:00 Chairman's Closing Remarks followed by Afternoon Tea
    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.

    CPD AND PROFESSIONAL INSTITUTES

    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.

    For some institutes undertaking CPD is mandatory e.g. accountancy and law, and linked to a licence to practice, for others it’s obligatory. By ensuring that their members undertake CPD, the professional bodies seek to ensure that professional standards, legislative awareness and ethical practices are maintained.

    CPD Schemes often run over the period of a year and the institutes generally provide online tools for their members to record and reflect on their CPD activities.

    TYPICAL CPD SCHEMES AND RECORDING OF CPD (CPD points and hours)

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    As a formal provider of CPD certified activities, SMI Group can provide an indication of the learning benefit gained and the typical completion. However, it is ultimately the responsibility of the delegate to evaluate their learning, and record it correctly in line with their professional body’s or employers requirements.

    GLOBAL CPD

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