Title: Power and Utilities Accounting, Financial Reporting, and Tax Research Guide (2018) Author: Deloitte's National Office Created Date: 7/16/2018 4:06:58 PM In this edition, we look at the issues faced by power and utilities companies. Employment in the electric power generation, transmission, and distribution industry is expected to decline by about 15 percent over the 2008-2018 period. Financial reporting in the power and utilities industry: International Financial Reporting Standards. Utilities around the world are making big investments in advanced analytics. As the U.S. power and utilities industry continues to transform, more flexible regulatory initiatives may bring new opportunities. Power and Utilities In the next 20 years, more innovation will occur in the utilities sector than has occurred to date since the time of Thomas Edison. Companies in the sector are being put under unprecedented pressure to develop winning strategies. Fullwidth SCC. Power and utilities companies will need to determine whether promised goods or services should be accounted for as a single performance obligation (i.e. h��T�OSW��{�˕��"`[�TE-�2����b�ijL��P̍���"�9v=�f+�T�Æ��Z}Ш��\ŘB4�F�$�%Ą`B�E����s�-�� ����������s� � ��!�,g13�D팀�� a�����r*���ă��H��†�9W��S�+�`]�?h_v�� beV�6�xk �IO�#��o��B�զ�x ��VY��ϊzT�9Iv��G�k2,9�K���җhT�a�R._5Wb��G}臰�|$s���¼�خ#�]i��H�7��j}�Z����Ȓ$zJ���epu'�#f�)�4g�~ ۶ �i�� 9�J%G&ӓɑ��$�#I����"+�,SJ��G=��Ž#pa���k�!�f���7���������V��]q����J_����=�{�ݛK�p�+"�D��������5;/.��L)?��kľ��Ϭ�a9�p�u4zy��[7�״��.�Y�)g��"�L�K�e=��6tߗ�ou�Tي�Fm��=���׊}w������v�C��L?cb�KFٟ�9��S9q�=l�h�w�V. Financial statement presentation ; Leases (ASC 842) Financing transactions ; Stock-based compensation ; Foreign currency ; Loans and investments (post ASU 2016-13 and ASC 326) Transfers and servicing of financial assets ; Utilities and power companies Getting the full value, however, requires rethinking their strategy, culture, and organization. The 2020 Strategic Directions: Smart Utilities Report explores the issues and complexities of the changing utility landscape. Power & Utilities Accounting, Financial Reporting, and Tax Research Guide has been saved, Power & Utilities Accounting, Financial Reporting, and Tax Research Guide has been removed, An Article Titled Power & Utilities Accounting, Financial Reporting, and Tax Research Guide already exists in Saved items. Social login not available on Microsoft Edge browser at this time. The EEI Financial Review is an annual report on the financial performance and strategic direction of the electric power industry. This annual publication provides an update on accounting, tax, and regulatory matters relevant to the power and utilities industry. The National Commission on Markets and Competition (CNMC) published a report focused on the financial analysis of Red Eléctrica de España (REE), as the sole transmission and operator of the Spanish Power … In this edition, we look at the issues faced by power and utilities companies. Certain sections of this publication are designed to help you understand and address potential challenges in accounting and reporting related to topics on which the FASB has recently issued (1) proposed guidance or (2) final standards that are not yet effective or available for adoption. 6 FINANCIAL AND OPERATING RATIOS OF PUBLIC POWER UTILITIES FINANCIAL AND OPERATING RATIOS OF PUBLIC POWER UTILITIES 7 This report presents data for 21 categories of financial and operating ratios for 191 of the largest publicly owned electric utilities in the United States. European Power & Utilities Report An ongoing report on the European Power & Utilities sector. Discover Deloitte and learn more about our people and culture. this is expected to be temporary. 524 0 obj <>stream We are pleased to present our 13th annual Accounting, Financial Reporting, and Tax Update for the power and utilities (P&U) industry. The utilities sector is a category of stocks for companies that provide basic services including natural gas, electricity, water, and power. 2020 Smart Utilities Report. See Terms of Use for more information. Our industry continues to face changing markets, new legislation, environmental initiatives, regulatory pressures, and emerging businesses and technologies. Financial reporting in the power and utilities industry 3 Foreword International Financial Reporting Standards (IFRS) provide the basis for company reporting in an increasing number of countries around the world. The UK energy supply industry is facing its biggest shake-up since deregulation. This month, President and CEO of IMA, Jeff Thomson, chats with CFO of Baltimore Gas & Electric, Dave Vahos, to learn how the company is staying ahead. In June 2018, the ERSE ‘Board of Directors’ approved the first amendment to the Tariff Regulation. %%EOF In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the "Deloitte" name in the United States and their respective affiliates. Please see www.deloitte.com/about to learn more about our global network of member firms. Do not delete! A podcast by our professionals who share a sneak peek at life inside Deloitte. Please enable JavaScript to view the site. South African coal average prices increased by 5.3 percent in Q2 2018 to US$98.80/Mt at the end of May 2018, reaching a peak in the last 7 years (see note below). 413 0 obj <> endobj We are pleased to present our 14th annual Accounting, Financial Reporting, and Tax Update for the power and utilities (P&U) industry. Florida’s public power utilities serve more than 1.4 million customer accounts and are a … Florida’s Public Power Utilities Florida’s 33 municipal electric utilities, combined, are the third largest electric provider in the state, serving 14 percent of Florida’s customers. a ‘series’), as well as the effect of the new standard on alternative revenue programs, requirements contracts, renewable engery credits and … Our publication discusses such proposed and codified standards and highlights nuances that could affect our industry. © 2021. This publication (pdf, 1.39MB) is part of a series that takes a sector-by-sector look at IFRS in practice. 427 0 obj <>/Filter/FlateDecode/ID[]/Index[413 112]/Info 412 0 R/Length 93/Prev 795400/Root 414 0 R/Size 525/Type/XRef/W[1 3 1]>>stream We have expanded several sections in this year’s publication that concentrate on accounting and reporting considerations related to the new accounting standards, including the discussion of those specific industry matters that remain outstanding with the AICPA’s Power and Utility Entities Revenue Recognition Task Force. Carbon prices Carbon prices increased moderately between April and May 2018 reaching EUR16.27/T, then declined to EUR14.99/T at the end of June. IAS 39, Financial Instruments: Recognition and Measurement, to commodity purchases and sales. This box/component contains JavaScript that is needed on this page. The pace of standard-setting from the International With new competitors and technological innovation inspiring enhanced products and services, energy suppliers need to adapt quickly if they want to retain their customers and their trust. POWER FINANCIAL CORPORATION 2018 ANNUAL REPORT I This is Power Financial FINANCIAL HIGHLIGHTS For the years ended December 31 [in millions of dollars, except per share amounts] 2018 2017 Net earnings [2] 2,245 1,717 Net earnings – per common share 3.15 2.41 %PDF-1.6 %���� 4 Financial reporting in the oil & gas, power & utilities and mining sectors Surveying the ground to be covered by the roundtable event, IASB board member Patrick Finnegan observed: “This is an agenda that is filled with an extraordinary This publication discusses accounting, tax, and regulatory matters that P&U entities will need to consider as a result of these changes, including updates to SEC, FASB, and tax guidance, and focuses on specialized industry accounting topics that frequently affect P&U companies, including rate-regulated entities. h�bbd```b``�"_�H�� "��@$�8����SA��X DW3�]$Y��N;00120�Mc`$���A��Qr����V �I � Although the pace of standard-setting from the International Accounting Standards Board (IASB) has been less intense in recent years, the application Renewables, distributed generation, and smart grids demand new capabilities and are triggering new business models and regulatory frameworks. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Our extensive library of publications provides the means to help you gain a better understanding of the principles of International Financial Reporting Standards (IFRS), as well as IFRS for the UK and UK GAAP. Deloitte Power and Utilities Accounting, Financial Reporting, and Tax Research Guide U.S. Power & Utilities Contacts Scott Smith U.S. Power & Utilities National Sector Leader Deloitte & Touche LLP +1 619 237 6989 [email protected] Bill Graf U.S. Power & Utilities Audit Functional Sector Leader and Industry Professional Practice Director Die International Financial Reporting Standards (IFRS) bilden die Grundlage, nach der Unternehmen weltweit ihre Rechnungslegung ausrichten. The most difficult issue for the power sector will be the application of . publication (pdf, 1.39MB) is part of a series that takes a sector-by-sector look at IFRS in practice. The power and utilities sector faces radical transformation. The ratios can be a useful tool in assessing electric utility performance. Change is constant in the utilities industry, and 2018 is no exception. 0 The digital revolution is coming to the power industry. Historically in our survey, the Energy and Utilities industry group tends to have relatively consistent results. Data collection and exchange are growing exponentially, creating digital threats but … Financial reporting in the power and utilities industry 3 Foreword International Financial Reporting Standards (IFRS) provide the basis for company reporting all over the world. DTTL and each of its member firms are legally separate and independent entities. PwC's Financial reporting in the mining industry (FRIM) publication looks at how International Financial Reporting Standard (IFRS) is applied in practice by mining companies, identifying unique issues for the industry and how mining companies are responding to the … Over 100 countries either use or are adopting IFRS reporting. The energy industry is changing. The COVID-19 outbreak has illuminated the global power and utility industry’s resilience and presented unique opportunities to fast forward renewables. This message will not be visible when page is activated. Spain. This power and utilities industry supplement discusses the key areas of interest to reporting entities in the power and utilities industry, including (1) whether or not tariff-based sales are within the scope of the new standard, (2) accounting for contract modifications, (3) allocation of a transaction price to the performance obligations within a contract, and (4) methods to be used to measure progress toward … Distributed renewable generation, new digital technologies and changing consumer expectations are creating a new energy world that is more complex, competitive and challenging. These contracts will cover inputs for power generation such as gas, oil and coal, as well as electricity and gas sales. 24 Harnessing the power of advanced analytics in transmission and distribution asset management Advanced analytics is helping T&D operators improve performance, How can companies navigate the complex factors at play while continuing to create value for their stakeholders? Certain services may not be available to attest clients under the rules and regulations of public accounting. endstream endobj startxref PwC financial reporting publications PwC is committed to helping businesses improve the quality of their financial reporting. Power Corporation of Canada 2018 Annual Report I FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS] 2018 2017 Net earnings [1] 1,287 1,286 Net earnings – per participating share 2.77 2.77 Adjusted net earnings [1] [2] 1,438 1,560 Adjusted net earnings [2] – per participating share 3.09 3.36 Dividends declared – per participating share 1.50 1.41 However, there are a number of notable changes for 2018. With a host of satisfied customers including BG Group plc, BHP Billiton PLC, Con Edison, Eskom, TRUEnergy, Hydro Tasmania, ETSA utilities, Horizon Power, Western Power, Queensland Gas and Water Corporation Australia Cura Software is the undisputed leader in risk and compliance for the mining and resources industry. Power & Utilities: Accounting, Financial Reporting, and Tax Research Guide: July 2018, Telecommunications, Media & Entertainment, A power and utilities perspective: Tech Trends 2019, 2021 power and utilities industry outlook. Whether companies enjoy the promise of this innovation depends on how they embrace the potential of new technology as the vanguard for industry … DTTL (also referred to as "Deloitte Global") does not provide services to clients. Power & Utilities Accounting, Financial Reporting, and Tax Research Guide July 2018 This annual publication provides an update on accounting, tax, and regulatory matters relevant to the power and utilities industry. 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