FERC accounting is the industry required practice for utility accounting for regulated utilities (electric co-ops use the RUS Uniform System of Accounts, which is very similar). It can be difficult for new employees to get their arms around it at first. Many employees learn on the job or take industry classes to learn the ins and outs of FERC accounting. While FERC accounting is required for what are called “public utilities” (i.e. utilities subject to FERC oversight for their rates), you can use your utility’s existing accounting system and chart of accounts to record costs in a FERC Uniform System of Accounts (USOA) manner.