The accounting treatment for P3 projects follows generally accepted accounting principles set out by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. The obligation is "on-book", so the province records the obligation as the asset is built and records the cost of building the asset as a capital expense. <Depending whether the asset is owned by the province or by a SIO or grant funded entity, there may be some differences in accounting treatment to work through. Treasury Board can provide the appropriate wording to this section.>