Can you explain how P3s have affected work in your sector?

The P3 model

has impacted the accounting and advisory profession in many ways. Firstly, it has led to a need to create an accounting model for these complex P3 transactions. These accounting rules were designed to capture the substance of the P3 model, and were developed 6 years ago when the International Accounting rules were first published to provide a framework for all to use. From an advisory prospective, the profession has created specialists in P3 model development, economics and tax structures. There are now also advisory personnel responsible for developing operations to administer, assess and develop these projects to assist both private and public sector users.

Managing cost

is a tremendous force that shapes those projects. The trap becomes somehow that it is okay for everything to be the same in order to meet these stringent requirements.The task, however is to manage successfully these forces in order to produce a project that provides meaningful cultural value for the community it serves and become financially sustainable in the long run.

Since we began

working on P3 projects and alternative financing, we have seen increased numbers of experienced lawyers contributing to the renewal of Canada’s infrastructure by structuring, financing and completing transactions to balance public/ private interests and risks.As Canadian legal expertise and experience in P3 projects is recognized internationally, expansion into new jurisdictions, municipalities and markets is growing.