Accounting for Payment by Results Schemes including Social Impact Bonds
Payment by results is a new approach to commissioning and paying for services and is seen as a key element of government proposals for achieving better for less. This publication provides an overview of payment by results schemes including social impact bonds and goes on to consider the accounting and budgetary implications.
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Payment by results is a new approach to commissioning and paying for services and is seen as a key element of government proposals for achieving better for less. Effective use of payment by results may provide real benefits, but the process does require careful management and the acquisition of new skills to ensure organisations minimise the risks associated with these schemes.
This publication provides an overview of payment by results schemes including social impact bonds and goes on to consider the accounting and budgetary implications of the schemes.
A number of scheme scenarios are described and worked through, providing practical accounting guidance regarding monitoring and measuring results (or outcomes). Recognition of related liabilities and expenditure is covered, as is recognition of income where the organisation is acting as a provider.
The publication will be of use to those involved in developing, managing or accounting for projects and schemes using payment by results or social impact bonds. This includes:
- those looking to develop payment by results initiatives
- managers and officers involved in commissioning services on a payment by results basis
- managers and officers involved in accounting for payment by results schemes
- managers looking at new models for delivering existing or new services.
The publication covers:
- what is payment by results
- recent developments in its use in public service delivery
- what is a social impact bond
- examples of social impact bond projects
- consideration of the accounting issues
- a number of scenarios designed to take the reader through the process of accounting for such schemes
- resources and sources of further information.
This publication is available in book, CD-ROM and bookmarked PDF formats. The CD-ROM contains a pdf of the publication, together with fully searchable text enabling users to search powerfully and accurately for any given word or phrase. The CD-ROM comes complete with a licence for networking to all established employees of the purchasing local authority only. Details of licensing arrangements for other categories of purchaser, which includes those organisations operating shared service arrangements, are available from CIPFA’s Publications Department at email@example.com