This power and utilities industry supplement discusses the key areas of interest to reporting entities in the power and utilities industry, including (1) whether or not tariff-based sales are within the scope of the new standard, (2) accounting for contract modifications, (3) allocation of a transaction price to the performance obligations within a contract, and (4) methods to be used to measure progress toward … Financial reporting in the power and utilities industry 3 Foreword International Financial Reporting Standards (IFRS) provide the basis for company reporting all over the world. This message will not be visible when page is activated. Taking action against systemic bias, racism, and unequal treatment, Key opportunities, trends, and challenges, Go straight to smart with daily updates on your mobile device, See what's happening this week and the impact on your business. Over 100 countries either use or are adopting IFRS reporting. a ‘series’), as well as the effect of the new standard on alternative revenue programs, requirements contracts, renewable engery credits and … We are pleased to present our 13th annual Accounting, Financial Reporting, and Tax Update for the power and utilities (P&U) industry. POWER FINANCIAL CORPORATION 2018 ANNUAL REPORT I This is Power Financial FINANCIAL HIGHLIGHTS For the years ended December 31 [in millions of dollars, except per share amounts] 2018 2017 Net earnings [2] 2,245 1,717 Net earnings – per common share 3.15 2.41 this is expected to be temporary. Financial statement presentation ; Leases (ASC 842) Financing transactions ; Stock-based compensation ; Foreign currency ; Loans and investments (post ASU 2016-13 and ASC 326) Transfers and servicing of financial assets ; Utilities and power companies Although the pace of standard-setting from the International Accounting Standards Board (IASB) has been less intense in recent years, the application © 2021. This month, President and CEO of IMA, Jeff Thomson, chats with CFO of Baltimore Gas & Electric, Dave Vahos, to learn how the company is staying ahead. Discover Deloitte and learn more about our people and culture. European Power & Utilities Report An ongoing report on the European Power & Utilities sector. PwC financial reporting publications PwC is committed to helping businesses improve the quality of their financial reporting. Getting the full value, however, requires rethinking their strategy, culture, and organization. Power and Utilities In the next 20 years, more innovation will occur in the utilities sector than has occurred to date since the time of Thomas Edison. This box/component contains JavaScript that is needed on this page. This publication (pdf, 1.39MB) is part of a series that takes a sector-by-sector look at IFRS in practice. The most difficult issue for the power sector will be the application of . 0 Whether companies enjoy the promise of this innovation depends on how they embrace the potential of new technology as the vanguard for industry … The power and utilities sector faces radical transformation. 6 FINANCIAL AND OPERATING RATIOS OF PUBLIC POWER UTILITIES FINANCIAL AND OPERATING RATIOS OF PUBLIC POWER UTILITIES 7 This report presents data for 21 categories of financial and operating ratios for 191 of the largest publicly owned electric utilities in the United States. Our extensive library of publications provides the means to help you gain a better understanding of the principles of International Financial Reporting Standards (IFRS), as well as IFRS for the UK and UK GAAP. Social login not available on Microsoft Edge browser at this time. Please see www.deloitte.com/about to learn more about our global network of member firms. The EEI Financial Review is an annual report on the financial performance and strategic direction of the electric power industry. The energy industry is changing. In June 2018, the ERSE ‘Board of Directors’ approved the first amendment to the Tariff Regulation. Financial reporting in the power and utilities industry 3 Foreword International Financial Reporting Standards (IFRS) provide the basis for company reporting in an increasing number of countries around the world. Carbon prices Carbon prices increased moderately between April and May 2018 reaching EUR16.27/T, then declined to EUR14.99/T at the end of June. This annual publication provides an update on accounting, tax, and regulatory matters relevant to the power and utilities industry. Title: Power and Utilities Accounting, Financial Reporting, and Tax Research Guide (2018) Author: Deloitte's National Office Created Date: 7/16/2018 4:06:58 PM Power Corporation of Canada 2018 Annual Report I FOR THE YEARS ENDED DECEMBER 31 [IN MILLIONS OF DOLLARS, EXCEPT PER SHARE AMOUNTS] 2018 2017 Net earnings [1] 1,287 1,286 Net earnings – per participating share 2.77 2.77 Adjusted net earnings [1] [2] 1,438 1,560 Adjusted net earnings [2] – per participating share 3.09 3.36 Dividends declared – per participating share 1.50 1.41 %%EOF 524 0 obj <>stream Florida’s public power utilities serve more than 1.4 million customer accounts and are a … 4 Financial reporting in the oil & gas, power & utilities and mining sectors Surveying the ground to be covered by the roundtable event, IASB board member Patrick Finnegan observed: “This is an agenda that is filled with an extraordinary Please enable JavaScript to view the site. In this edition, we look at the issues faced by power and utilities companies. %PDF-1.6 %���� Utilities around the world are making big investments in advanced analytics. See Terms of Use for more information. h��T�OSW��{�˕��"`[�TE-�2����b�ijL��P̍���"�9v=�f+�T�Æ��Z}Ш��\ŘB4�F�$�%Ą`B�E����s�-�� ����������s� � ��!�,g13�D팀�� a�����r*���ă��H���9W��S�+�`]�?h_v�� beV�6�xk �IO�#��o��B�զ�x ��VY��ϊzT�9Iv��G�k2,9�K���җhT�a�R._5Wb��G}臰�|$s���¼�خ#�]i��H�7��j}�Z����Ȓ$zJ���epu'�#f�)�4g�~ ۶ �i�� 9�J%G&ӓɑ��$�#I����"+�,SJ��G=��#pa���k�!�f���7���������V��]q����J_����=�{�ݛK�p�+"�D��������5;/.��L)?��kľ��Ϭ�a9�p�u4zy��[7�״��.�Y�)g��"�L�K�e=��6tߗ�ou�Tي�Fm��=���}w������v�C��L?cb�KFٟ�9��S9q�=l�h�w�V. A podcast by our professionals who share a sneak peek at life inside Deloitte. Change is constant in the utilities industry, and 2018 is no exception. The utilities sector is a category of stocks for companies that provide basic services including natural gas, electricity, water, and power. IAS 39, Financial Instruments: Recognition and Measurement, to commodity purchases and sales. 24 Harnessing the power of advanced analytics in transmission and distribution asset management Advanced analytics is helping T&D operators improve performance, With new competitors and technological innovation inspiring enhanced products and services, energy suppliers need to adapt quickly if they want to retain their customers and their trust. The pace of standard-setting from the International Power & Utilities Accounting, Financial Reporting, and Tax Research Guide has been saved, Power & Utilities Accounting, Financial Reporting, and Tax Research Guide has been removed, An Article Titled Power & Utilities Accounting, Financial Reporting, and Tax Research Guide already exists in Saved items. The National Commission on Markets and Competition (CNMC) published a report focused on the financial analysis of Red Eléctrica de España (REE), as the sole transmission and operator of the Spanish Power … Our industry continues to face changing markets, new legislation, environmental initiatives, regulatory pressures, and emerging businesses and technologies. h�bbd```b``�"_�H�� "��@$�8����SA��X DW3�]$Y��N;00120�Mc`$���A��Qr����V �I � Certain sections of this publication are designed to help you understand and address potential challenges in accounting and reporting related to topics on which the FASB has recently issued (1) proposed guidance or (2) final standards that are not yet effective or available for adoption. The 2020 Strategic Directions: Smart Utilities Report explores the issues and complexities of the changing utility landscape. Use or are adopting IFRS reporting ‘ Board of Directors ’ approved the amendment. 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