Utility Accounting Education Update
Here are insights to help keep you current in the Power and Utilities industry!
utilityeducation.com
August, 2022
Fixed assets accounting standards, and power plant contract audits - Oh my!
The excitement never stops in the accounting world, so read on if these are of interest and/or forward to a friend! If not, submit some topics you’d like to see in this newsletter.
How can fixed asset accounting help your electric rates?
The FERC Chart of Accounts sets the standard for electric fixed assets accounting. This case study presents an electric utility seeking to strengthen its work order fixed asset processes. The solution took time, but the outcome was spot-on. This article is a bit technical, but if your electric co-op or utility is considering addressing deficiencies in its fixed assets, this is a detailed approach that will be a winner. Read on for more insights.
GASB Cracks the Century Mark with Statements 100 and 101
The Governmental Accounting Standards Board (GASB) recently issued statement No. 100 - Accounting Changes and Error Corrections - An Amendment of GASB Statement No. 62 and GASB Statement No. 101 - Compensated Absences. Both are effective starting in 2023. This article summarizes the highlights and effective dates of those two new standards.
The UAES article library covers introductory and advanced co-op, FERC, and utility accounting, developing electric rates, and financial management. We include practical examples you can use now in your electric cooperative or utility!
Electric Cooperative Financial Strategies - Cash Reserves and Capital Policies
Electric cooperative financial strategies include operating cash flows, cash reserves, debt, and customer investments. A key financing component for an electric cooperative operations and projects are customer (aka owner) "capital". What is customer capital, and how can your cooperative establish a capital policy that maintains proper cash balances and cash flows while eventually refunding contributions.
New to the Power and Utilities business? Here’s a course on industry basics - finance, operations, and regulation!
Welcome to the Electric Industry
Are you new to the electric industry and need to get up to speed quickly? This course gives a high level overview of the business - operations, finance, and governance. Be an expert!
Thank you for your support and interest in best practices in accounting, developing electric rates, and financial management. The Power and Utilities Industry is the foundation for a vibrant economy and an integral part of our society!
Just for reading this far down the newsletter you’ll get 20% off a 12 month All-Access or Premium UAES membership! Just use the code Newmember20 at checkout!
Final thoughts for this issue - Enjoy the summer season while it’s here!
“Summer is a promissory note signed in June, its long days spent and gone before you know it, and due to be repaid next January.”
“To escape and sit quietly on the beach, that’s my idea of paradise.”
“Whatever it is, the way you tell your story online can make all the difference.”