The Governmental Accounting Standards Board (GASB) has issued three new accounting standards that will have dramatic impact on financial reporting and disclosures to the financial statements of public power utilities. A webinar on October 30 will discuss how your utility can prepare for the new standards, hosted by the American Public Power Association (APPA).
GASB, a private organization, is the source of generally accepted accounting principals (GAAP) used by state and local governments since 1984. Two new standards, GASB 63 Financial Reporting of Deferred Outflows of Resources and GASB 65 Items Previously Reported as Assets and Liabilities change accounting for debt issuance costs and regulatory items currently accounted for under FAS 71/ASC 980. GASB 68 Accounting and Financial Reporting for Pensions, has an impact on the recording of pension liabilities and expenses and adds disclosures to the financial statements.
Russell Hissom, CPA and Partner at Baker Tilly Virchow Krause, Madison, WI, will provide webinar participants with insights on a utility’s internal processes when preparing for the application of the new standards. Specific topics include:
- Items that qualify for treatment under the new standards
- Financial statement presentation requirements
- Potential impact on ratemaking
- Use of regulatory accounting rules
- Financial statement disclosures
The webinar is scheduled for Tuesday, October 30 at 1:00 p.m. CST. Registration is $89 for APPA members and $179 nonmembers. Heartland customers have a complimentary APPA membership and qualify for the discounted fee. To register, click here.