For those keeping track, Government Accounting Standards Board (GASB) Statement No. 60, Accounting and Financial Reporting for Service Concession Arrangements, has fared somewhat worse as far as longevity than most GASB pronouncements. Issued in November 2010 and effective for periods that began after December 15, 2011, GASB 60’s days are numbered and its successor already ordained—although much of its spirit will live on. GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements (GASB 94), which was issued in March 2020, will supersede GASB 60 when it becomes effective for fiscal years beginning after June 15, 2022, and all reporting periods thereafter. The rapidity with which GASB 60 is being superseded attests to the increasing frequency and variety of ways in which governments seek to provide public services effectively and cost efficiently.

• Journal Entry Examples: PPPs and APAs