GAAP for Regulated Utilites: Evolution and Impacts

Generally Accepted Accounting Principles for Regulated Utilites: Evolution and Impacts
Authors: David W. Wirick; John J. Gibbons
The National Regulatiry Research Institute
The Ohio State University

Abstract: This article describes the current debate over the ability of regulators to assure the reasonable probability of collection of deferred costs and provides background materials. It describes the development of generally accepted accounting principles (GAAP) and their significant impact on public utility regulation.
Keywords: Generally Accepted Accounting Principles for Regulated Utilities
1 The GAAP Debate
The Impact of Regulation on GAAP
The Impact of GAAP on Regulation
The Conflict of Interests
The Current Front
2 The Definition, Hierarchy, and Basic Principles of GAAP
The Definition of GAAP
The Hierarchy of GAAP
The FASB's Conceptual Framework Project
3 The Institutions and the Processes That Establish GAAP
The Roots of the FASB
The Organization of the FASB
The FASB Process
Criticisms of the FASB
Avenues of Access to the FASB
4 Accounting Standards Specific to Regulated Utilities
The Accounting Differences Between Utilities and Unregulated Businesses
5 The Impact of Federal Institutions on Regulatory Accounting
-The Establishment and Role of Standardized Accounts
6 The Role of State Public Service Commissions
-Accounting Values-Regulatory Values

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