The Governmental Accounting Standards Board has added a review of public-private partnerships to its so-called technical agenda, marking the first step toward establishing new accounting and reporting standards for state and local governments in the fast-growing area of P3s.

The accounting-standards setter said last week it is interested in setting standards for the accounting treatment related to a variety of P3 transactions, including the upfront payments that private consortiums make to state or local governments when leasing existing toll roads or when they agree to build and operate a tollway.

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