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Power and Utilities — Accounting, Financial Reporting, and Tax Update (2017)

Published on: 10 Jan 2017

This annual publication discusses accounting, tax, and regulatory matters that are of interest to P&U entities, including updates to SEC, FASB, and tax guidance, and focuses on specialized industry accounting topics that frequently affect P&U companies, including rate-regulated entities. Several sections of the publication have been expanded this year to concentrate on accounting and reporting considerations related to the new leases and new revenue standards, including specific industry matters that remain outstanding with the AICPA’s Power and Utility Entities Revenue Recognition Task Force.

On May 2, 2017, this publication was republished to correct an error. The third sentence in the “Indirect Disallowances” subsection on page 54 incorrectly stated the manner in which entities determine the amount of an indirect disallowance. The sentence has been corrected to read as follows: “To determine the loss resulting from an indirect disallowance, entities should estimate and discount the future revenue stream/cash flows allowed by the regulator by using a rate consistent with that used to estimate the future cash flows.”


Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.