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Accountants’ Handbook Special Industries and Special Topics 10th Edition_6

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Tham khảo tài liệu 'accountants’ handbook special industries and special topics 10th edition_6', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 31.11 OTHER SPECIALIZED UTILITY ACCOUNTING PRACTICES 31 37 SFAS No. 106 costs and costs allowable in rates would only be appropriate if future rate recovery of the regulatory asset is probable as defined in SFAS No. 5. In order to provide authoritative guidance as to the appropriate accounting and what constitutes sufficient evidence that a regulatory asset exists the EITF created Issue No. 92-12 Accounting for OPEB Costs by Rate-Regulated Enterprises. The EITF reached a final consensus for Issue No. 92-12 that a regulatory asset related to SFAS No. 106 costs should not be recorded in a regulated utility s financial statements if the regulator continues to limit inclusion of OPEB costs in rates to a pay-as-you-go basis. Several EITF members noted that the application of SFAS No. 71 for financial reporting purposes requires that a rate-regulated enterprise s rates be designed to recover the specific enterprise s costs of providing the regulated service or product and that enterprise s cost of providing a regulated service or product includes SFAS No. 106 costs. Further the EITF reached a final consensus in Issue No. 92-12 that a rate-regulated enterprise should not recognize a regulatory asset for financial reporting purposes for the difference between SFAS No. 106 costs and OPEB costs included in the regulated utility s rates unless the company a determines that it is probable that future revenue in an amount at least equal to the deferred cost regulatory asset will be recovered in rates and b meets all four of the following criteria 1. The regulated company s regulator has issued a rate order including a policy statement or a generic order applicable to enterprises within the regulator s jurisdiction that allows the deferral of SFAS No. 106 costs and subsequent inclusion of those deferred costs in rates. 2. Annual SFAS No. 106 costs including normal amortization of the transition obligation should be included in rates within approximately five years of SFAS No. .