This two-day course examines in detail international accounting issues and their effect on electric utility companies. Our specialist instructors discuss the critical issues that go beyond mere number-crunching, and explain in clear and simple terms how electric utility companies can conduct and shape their accounting and reporting practices in accordance with international best practices.
Unlike US GAAP and other national GAAP, IFRS currently provides little guidance specific to the electric utility industry’s unique business circumstances. Therefore much judgment is required in applying IFRS concepts to areas such as energy contracts, transportation, generation, transmission, distribution, risk management and derivatives.
This course contrasts the IFRS approach with US / Canadian GAAP, where some significant differences exist, and identifies those areas where accounting policy choices are critical for companies adopting IFRS for the first time.
This valuable program answers questions such as:
- What adjustments could be necessary for electric utility companies facing adoption of IFRS?
- How are rules on composite asset accounting and retirement obligations applied?
- What choices are available in accounting for energy generation, transmission and distribution?
- When must an entity other than a subsidiary be consolidated into a parent entity's financial statements?
- How should accounting policies be established when specific guidance does not exist?
- When are energy contracts accounted for as derivatives?
- How often is impairment testing required?
- What are major IFRS vs. US / Canadian GAAP differences affecting the electric utility sector?
- How are first-time adopters of IFRS subject to rate regulation affected by IFRS 14 Regulatory Deferral Accounts?