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Essay / Research Paper Abstract
This 12 page paper is a comprehensive look at the Private Finance Initiative (PFI), used by the UK government. The paper consider the advantages and disadvantages as a system such as this, concerns such as control and security as well as the advantages to the government in accounting terms and how this results in the ability of the government to move the capital expenditure of the balance sheet. The writer also looks at how the NRV is increased and other accounting issues, such as FRS 5. The bibliography cites 11 sources.
Page Count:
12 pages (~225 words per page)
File: TS14_TEpfiukg.rtf
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Unformatted sample text from the term paper:
the benefit of the electorate. This can be seen as including the required provisions for public services and ensuring they are funded and sufficient for the purposes they are designed.
There will always be a level of dichotomy here; with any service there will be associated costs. These will be both in financial terms as well as opportunity costs. These
will need to be balanced; there are many ways in which government have tried to consider this and maximise the use of their resources. Pressure has been placed on commerce
to sponsor projects. This has been undertaken with mixed results, as seen with the Millennium Dome. The student may like to illustrate this with further figures.
However, one of the tools that has been extensively used is that of the Private Finance Initiative and the paradigm which this represents in terms of
accounting and financial projects. It is due to this that a better NVP is perceived as being realised, however, a closer inspection may reveal the fact that this is more
a case of creative bookkeeping that was originally introduced in 1992 by Norman Lamont; the Conservative Chancellor of the Exchequer launched the Private Finance Initiative (PFI) (Timmins, 2000). In
order to look at this we need to consider the concept and how it manifests. This was a scheme were private companies
would be able to undertake a project that would traditionally have been in the remit of the pubic sector. The companies would need to bid to undertake the contracts.
This system was introduced in order to better maximise and utilise the use of public private partnerships, as under the former market testing
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