It contains the accounting structure required by federal transit laws previously section 15 of the federal transit act. Uniform system of accounts for restaurants search trends. Readme pdf electric uniform system of accounts external link. Adit arises from timing differences between the method of computing taxable income for reporting to the irs and the method of computing income for regulatory accounting and ratemaking purposes. Jurisdictional separations and referral to the federalstate joint board document types. Specifically, the commission is adding a uniform system of accounts usofa for centralized service companies, adding. A chart of accounts is a listing of the names of the accounts that a company has identified and made available for recording transactions in its general ledger. Account for use by utilities under the jurisdiction of the indiana utility regulatory commission. These 2016 recorded costs are based on the ferc uniform system of accounts usoa shown in socalgas annual report to the cpuc also known as the ferc form 2, which is the primary source adjusted to reflect base margin and selected incremental costs used for. Federal communications commission fcc 1715 federal.
Accuracy, reliability, comparability clear, concise, consistent, detailed financial and operations information verifiable and auditable by a third party. Part 201 uniform system of accounts prescribed for natural gas companies subject to the provisions of the natural gas act. Commission, means the federal energy regulatory commission. In order to make the accounting regulations more accessible, the commissions. Title 18 conservation of power and water resources chapter i federal energy regulatory commission, department of energy subchapter. Ai18 2 based on the commissions uniform system of accounts, commission jurisdictional public utilities and licensees, natural gas companies, and centralized service companies recognize pension and pbop costs in account 926, employee pensions and benefits,1 while oil pipeline companies recognize pension and pbop costs in account. For purposes of this manual, the governmental regulatory agency is the state board of accounts and the reporting. The usoa provides basic account descriptions, instructions, and accounting definitions that are. The purpose of the uniform system of accounts is to ensure that corporations within the fercregulated industries are using a consistent approach to reporting.
While local government accounting records must reflect these account classifications, more detailed sub accounts can be used as long as they roll up into accounts specified in this document. The overriding purpose of the uniform system of accounts usofa is to ensure uniformity and consistency in the reporting of the accounting transactions in the books and records of electric and gas utilities. In this final rule, the commission is revising its uniform system of accounts usofa 1 to accommodate the restructuring changes that are occurring in the electric industry due to the availability of openaccess transmission service and increasing. Southwestern public service company annual trueup for 2016. Transaction indicators were developed for identifying the various types of transactions that occur within a school district. We recommend that nevada utilities be required to use ferc s uniform system of accounts. Accountant certification code of federal regulations and instructions for filing form 1, 1f, 2 and 2a require a cpa certification statement the certification should.
Decision 2007017 eub proceeding implementation of the. Preparation prepare this report in conformity with the uniform system of accounts 18 cfr 367 usof a. In the united states of america the federal energy. Regulatory accounting reports shall be filed in both hard and electronic copies with the commission. The uniform system of accounts usoa is the basic reference document for the national transit database. The uniform system of accounts, published by the national association of regulatory utility commissions naruc. Accounting standards used to provide uniformity and consistency in reporting financial information. Although dca references the uniform chart of accounts numbering system when requesting information such as in the annual report of local government finances, local governments are not required to use it. Uniform system of accounts for electric companies mass. Ferc accounting 101 july 1718, 2019 houston, tx page 2 to regster, call 201 871 0474 or click here overview the overriding purpose of the uniform system of accounts usofa is to ensure uniformity and consistency in the reporting of the. Provisions have been incorporated into this system for those entities which, prior to january 1, 1984, were applying the commissions uniform system of accounts prescribed for public utilities and licensees subject to the provisions of the federal power act class c and class d part 104 of this chapter, now revoked.
Federal register accounting requirements for rus electric. Southwestern public service company material changes since. The usofa provides basic account descriptions and accounting definitions that are useful in understanding the information reported in the form nos. Accounts means the accounts prescribed in this system of accounts 2. The core of ferc accounting is the commissions uniform system of. Ferc uniform system of accounts legal definition of ferc. Ferc requires companies that fall under its regulatory oversight to use its accounting and financial reporting guidelines. These updates to the commissions uniform system of accounts and the. Ferc uniform system of accounts are considered changes in the rus system. Ferc proposes reforms to electric transmission incentives policy news release nopr. Federal energy regulatory commission 18 cfr part 101 docket no.
The goal is for participants to have a better understanding of the accounting function. Gallery quick read about lodging lodging industry hotels this link for lodging industry hotels ferc is still working thanks for everyone contributing to hotels ferc chart great ferc chart hotel image here, very nice angles need more pictures of chart hotel electric like this for 2016. In compliance with the annual formula rate implementation procedures, section 3. Adjustments shall not be made to record in utility plant accounts amounts previously charged to operating expenses or to income deductions in accordance with the uniform system of accounts in effect at the time or in accordance with the discretion of management as exercised under a uniform system of accounts, or under accounting practices. Actually outstanding as applied to securities issued or assumed by the utility, means those which have been actually issued and are neither retired nor held by or for the. The federal energy regulatory commission has established regulatory accounting and. An iurc regulated utility has some flexibility to tailor the chart of accounts prescribed by the naruc uniform system of accounts see page 4 to best suit its needs. The format for filing these reports may change from time to time as may be directed by the commission.
Accounts means the accounts prescribed in this system of accounts. The massachusetts department of public utilities adopts the federal. We will break down the ferc uniform system of accounts usoa. In fact, except for specific instances in which rus prescribes other accounting, any changes in the ferc uniform system of accounts are considered changes in the rus system. Jurisdictional companies are required to maintain their. Ferc regulates, monitors and investigates electricity, natural gas, hydropower, oil matters, natural gas pipelines, lng terminals, hydroelectric dams, electric. This account will be combined with net assets for financial reporting purposes. The usoa is a comprehensive basis of accounting other than gaap that is promulgated by the ferc under. Ferc uniform system of accounts means the uniform system of accounts prescribed for public utilities and licensees subject to the jurisdiction of the federal. The overriding purpose of the uniform system of accounts usofa is to ensure. List of schedules natural gas company name of respondent this report is.
Uniform system of accounts usoa the national association of regulatory utility commissioners naruc developed the uniform system of accounts usoa. To help members comply with the fercs financial reporting requirements under order 668, pjm prepares guidelines quarterly on how pjms administrative charges can be allocated among the three isorto expense categories in fercs uniform system of accounts created under order 668. Actually issued, as applied to securities issued or assumed by the carrier, means those which have been sold to bona fide purchasers or holders for a valuable consideration, those issued in exchange for other securities or other property, and those issued. Ferc accounting 101 course january 2020 in coasta mesa. Southwestern public service company material changes.
Quick facts about uniform system of accounts for restaurants. For those public power systems that are not required to adopt the ferc uniform system of accounts, there is the question of the usoas value to a publicly owned electric utility. Attest to the conformity, in all material respects, of the financial statements with the uniform system of accounts and published. Part 101, as the same may be amended from time to time. This training was designed primarily for accountants and non. The usoa prescribe accounting instructions and classifications to achieve uniform and consistent accounting records to allow regulators to fulfill their regulatory responsibilities.
Benefits of using the ferc uniform system of accounts. Understanding and applying ferc accounting standards. Uniform system of accounts in the united states of america the federal energy regulatory commission ferc requires public utilities and licensees to maintain their books and records in accordance with the commissions uniform system of accounts usoa. The federal energy regulatory commission regulates natural gas and hydropower. Established by naruc and ferc to control accounting along with iurc orders. Uniform system of accounts for gas companies definitions when used in this system of accounts. The uniform system of accounts usoa for regulated electric utilities primary objective. This basic system specifies the plant and operating and maintenance expense accounts assigned to particular functions, and can be modified.
The federal energy regulatory commission ferc or commission is. Uniformity and consistency are important not only for regulators, but also for other parties requiring accounting information, such as utility management, shareholders, creditors and. The foundation of the commissions accounting program is the uniform system of accounts codified in the commissions regulations. Part 32 uniform system of accounts report and order. Hard copies of all four systems of accounts are available from the u. Apr 01, 2011 chapter i federal energy regulatory commission, department of energy subchapter c accounts, federal power act part 101 uniform system of accounts prescribed for public utilities and licensees subject to the provisions of the federal power act. In addition, the commission issues accounting rulings relating to specific transactions and applications through orders and chief accountant guidance letters. Definitions of terms used in this system of accounts. The ferc s accounting requirements for natural gas companies are contained primarily in the uniform system of accounts usoa prescribed for natural gas companies under the natural gas act nga. All electronic filings with the commission shall be in. Uniform system of accounts prescribed for public utilities and licensees subject to the.
Attest to the conformity, in all material respects, of the financial statements with the uniform system of accounts. Uniform system of accounts usoa to consider ways to minimize the compliance burdens on carriers while ensuring that the agency retains access to the information it needs to fulfill its regulatory duties. Overview of uniform systems of accounts usoa zwhat is a usoa. Although dca references the uniform chart of accounts numbering system when requesting information.
Uniform system of accounts prescribed for natural gas companies subject to the. Uniform school accounting system ohio auditor of state. Uniform school accounting system 5 dimensions the dimensions which are used by the uniform school accounting system are. Affiliated companies, book cost, carrier, control, cost. This report and order streamlines and eliminates outdated accounting rules no longer needed to fulfill the commissions statutory or regulatory duties. Please provide 2016 and 2017 ferc form 2 documents for. The core of ferc accounting is the commissions uniform system of accounts, a set of requirements for the way companies maintain their accounting books and records. System of accounts for water and wastewater utilities. Utility services rus uniform system of accounts, which is similar to that required by the ferc. Prescribe accounting classifications and instructions to achieve uniform accounting records.
A public power systems introduction to the federal energy. Commissions responsibilities approval of rates for wholesale sales of electricity and transmission in interstate commerce for jurisdictional utilities, power marketers, power pools, power exchanges and independent system operators. The primary objective of usoa shall be to guarantee that the companies accounting information systems can easily generate all the reports required by the regulatory authority, based on information extracted from the general ledger and subsidiary ledgers. Power and utilities accounting, financial reporting, and. The uniform system of accounts promulgated by the federal energy regulatory commission ferc serves as a basis for this part. Energy regulatory commissions ferc uniform system of accounts, part.
Sources of ferc accounting guidance uniform system of accounts accounting rulemakings accounting guidance accounting releases. In this final rule, the federal energy regulatory commission commission is amending its regulations to further implement the public utility holding company act of 2005 puhca 2005. You may purchase a copy of this system of accounts from naruc. The federal energy regulatory commission commission is amending the general instructions of 18 cfr part 101 to establish, for those public utilities and licensees that are subject to part 101, standards for determining depreciation for accounting purposes. Interpret all accounting words and phrases in accordance with the usof a. Regulatory utility commissioners uniform system of accounts for class ab water companies kentucky public service commission 211 sower boulevard frankfort, kentucky 40602 the 1996 version of the naruc usoa for water utilities was modified and adopted by the kentucky public service commission in 2002. Jan 25, 2017 ferc accounting 101 january 25, 2017 chicago, il page.1269 486 1322 288 1188 1138 627 670 1077 582 622 351 374 311 61 1163 757 795 785 160 1044 433 487 1066 668 1362 1514 684 772 1139 765 176 667 119 1393 679 659 879