B18 The specific accounting treatment of the Government's PFI investments also follows UK GAAP developed by the independent ASB. The accounting standard most applicable to PFI is the ASB's 'Financial Reporting Standard 5 (FRS5) - Reporting the Substance of Transactions: Application Note F - Private Finance Initiative and other similar contracts.' This reporting standard is followed, supplemented by a Treasury Taskforce Technical Note (TTN1 Revised) that sets out how Application Note F is to be followed in the public sector. TTN1 Revised reflects extensive consultation with the ASB, the accounting profession and contractors. The Technical Note was also approved by the FRAB.