Financial reporting to the Federal Energy Regulatory Commission

FERC versus GAAP reporting considerations

March 2020 update

This 2020 annual Federal Energy Regulatory Commission (FERC) accounting update addresses the evolution in U.S. Generally Accepted Accounting Principles (GAAP), as well as new guidance issued by the commission since our last publication. FERC issued guidance in late 2018 that will assist companies in minimizing FERC / GAAP differences relating to this new standard. The commission also issued guidance in late 2019 to minimize FERC / GAAP differences for cloud computing arrangements. While this guidance was helpful for interpreting these specific GAAP changes, we remind filers that FERC does not always issue guidance when there are new GAAP standards. As a result, adoption of new GAAP should be accompanied by a critical evaluation of the possibility of new FERC / GAAP differences.

How PwC can help

PwC’s Complex Accounting & Regulatory Solutions practice is dedicated to helping companies in the energy, power and utilities industries manage regulatory risk and help solve complex accounting problems related to regulatory accounting. Our seasoned team has deep experience working with regulated entities and their regulators. We can help companies reduce risk and achieve optimal outcomes related to interactions with regulators.

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Gavin S. Hamilton

US Energy, Utilities & Mining Assurance Leader, PwC US

Sean P. Riley

US Energy, Utilities, & Mining Partner, PwC US

Richard Call

US Energy, Utilities & Mining Partner, PwC US

Mark Panza

US Energy, Utilities & Mining Managing Director, PwC US

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