IFRS for Power & Utilities |
The global trend toward International Financial Reporting Standards (IFRS) represents a change and opportunity for many. Mandatory use of IFRS in the United States may be required as early as 2014.
Deloitte has launched a series of white papers and Webcasts that provide an in-depth look at IFRS conversion issues that power and utilities companies must consider. The resources below can help executives understand the implications of IFRS and how to address the associated changes, as well as offer practical suggestions to help navigate through these important issues.
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Considerations for Power & Utilities IFRS adoption has costs and benefits. Learn more about the different approaches to IFRS conversion, lessons learned and the impact on your company. |
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Derivative Accounting Considerations for Energy Transacting Activities (International Accounting Standard, or IAS, 32/29 and IFRS 7) Accounting for financial instruments such as derivative contracts is one of the significant accounting changes expected with the adoption of IFRS. Learn more about the common issues facing companies with significant energy transactions. |
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Income Tax Considerations for Power & Utilities Tax departments of power and utility companies will need to understand the impact a conversion to IFRS will have on financial and regulatory accounting for income taxes, as well as the calculations of taxable income and the associated tax liability. |
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Property, Plant and Equipment Accounting Considerations for Power & Utility Companies Overview of IFRS and U.S. GAAP (Generally Accepted Accounting Principles) differences relevant to companies with significant investments in property, plant and equipment. |
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Regulatory Assets and Liabilities Considerations for Power and Utility Companies Background and current status of considerations for recognition of regulatory assets and liabilities under IFRS. |
Webcasts
Overview of IFRS Impact on Power & Utilities
A November 7, 2008, Webcast provided an overview of the IFRS regulations and their likely impact on accounting, internal controls, information technology and human resources. Presentation is available for download under “Attachments” at the bottom of this page. Listen to the Webcast recording.
International Accounting Standards 32 and 39
Learn how IAS 32 and 39 impact energy transacting activities under IFRS in this November 14, 2008, Webcast. Presentation is available for download under “Attachments” at the bottom of this page. Listen to the Webcast recording.
IAS 12 – Income Taxes
Learn about the differences between IAS 12 and the current U.S. Generally Accepted Accounting Standards (GAAP) rules related to accounting for income taxes. This Webcast explored the exceptions to the general U.S. GAAP rules for rate-regulated utilities and the normalization requirements and covered the tax analysis of accounting changes under IFRS. Presentation is available for download under “Attachments” at the bottom of this page. Listen to the Webcast recording.
IAS 16 – Property, Plant and Equipment
IFRS promises to introduce some changes to the way companies account for property, plant and equipment. Dig deeper into the technical accounting differences and the impacts these changes will have on power and utilities companies, and some strategic alternatives for energy companies as they plan their IFRS conversion process. Presentation is available for download under “Attachments” at the bottom of this page.
Listen to the Webcast recording | Questions and answers from the Webcast
Regulatory Assets/Liabilities
Learn about the technical accounting considerations around the recording of certain regulatory items under the IFRS accounting framework, including understanding of the IFRS concept definitions of an asset and a liability and the implications for an IFRS transition process. Presentation is available for download under “Attachments” at the bottom of this page. View Webcast recording.
As used in this document, ‘Deloitte’ means Deloitte LLP (and its subsidiaries). Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
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Power & Utilities IFRS Webcast on IAS 32 & 39
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