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Financial reporting to the Federal Energy Regulatory Commission

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FERC versus GAAP reporting considerations

March 2019

Many energy and regulated utility companies meet requirements set by the Federal Energy Regulatory Commission (FERC) to file financial statements on the FERC Form 1 and Form 2 or other applicable forms, prepared under the FERC’s Uniform System of Accounts (USofA). As most companies initially keep their historical books and records based on US Generally Accepted Accounting Principles (GAAP), the GAAP financial statements often form the basis of these FERC financial statements. While there are many similarities between the FERC’s USofA and GAAP, differences do exist. In this helpful guide, we help preparers understand the various differences between the USofA and GAAP.

How PwC can help

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

Contact us

Michael (Casey) A. Herman

Energy, Utilities & Mining Co-leader; US Power & Utilities 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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