2024 FERC Update: PwC

FERC versus GAAP reporting considerations

February 2024 update

2023 saw the first change to FERC’s Uniform System of Accounts (USofA) in many years. FERC Order 898 provides several new accounts for renewable and storage assets and related activities. It also codifies the accounting and associated accounts to use for environmental credits. In addition, there are new accounts related to software, hardware and communication equipment. While these changes are not effective until 2025, jurisdictional companies will be spending significant time in 2024 preparing for this adoption.

As it relates to 2023 FERC reporting, there are not significant new items for companies to consider. Similarly, there were limited changes in 2023 regarding US Generally Accepted Accounting Principles (GAAP) that would significantly impact regulated entities, which is often another indicator of new FERC to GAAP differences.

This update to our FERC reporting guide provides you with the key FERC reporting considerations that you should know and serves as a useful tool during FERC reporting season.

How PwC can help

PwC’s Complex Accounting & Regulatory Solutions 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.