However, (a) companies also filing in the United States are permitted to apply US GAAP and (b) rate-regulated entities are permitted to apply US GAAP until 2019 even if they do not file in the United States. Currently, in accordance with Canadian GAAP, an entity is permitted or required to recognize a regulatory asset or regulatory liability when it has operating activities meeting the Handbook definition of rate-regulated operations. This definition includes essentially the two scope criteria proposed in the ED and an additional For rate-regulated entities that have deferred transition to IFRS, particularly in Canada, the interim standard will come as welcome news. Accounting for rate-regulated activities has been hotly debated for many years, because – unlike guidance provided by some

Apr 30, 2012 was the divergence in practice (IFRS, US GAAP and modified IFRS) emerging in the accounting for rate-regulated activities under IFRS. May 6, 2016 comparisons with current IFRS and US GAAP guidance, and key differences entity's ordinary activities that are not subject to rate regulation). Jul 18, 2014 programs for rate-regulated activities in the scope of ASC 980, Regulated. Operations (US GAAP only). 2.2.2. Evaluation of nonmonetary  Under “cost of service” rate regulation, the regulator’s actions can create economic resources for or claims against a rate-regulated entity’s future cash flows as the result of past events - If it is probable specific incurred costs will be recovered in the future rates (e.g., purchased The US GAAP model prescribes a net presentation (i.e. allowable expenses entitled to be included in future rates are netted off respective line item) and allows adjustments to revenue. Board discussion. Board members welcomed the comparison, because the US GAAP model is currently the main model used throughout the world for rate-regulated activities. Part of the preparers with rate regulation use US-GAAP since US-GAAP has relevant guidance on rate-regulated activities. Some of the preparers still use Canadian GAAP, which more and more becomes a problem as Canadian GAAP is no longer maintained. And some of the preparers use IFRS with a carve-out which is replaced by US-GAAP requirements.

Some national GAAP provides specific guidance on this matter, but there is no equivalent guidance in IFRSs. The IASB reactivated this project as part of its 

Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies and Loss Recoveries Contracts on an Entity's Own Equity Convertible Debt Current Expected Credit Losses Disposals of Long-Lived Assets and Discontinued Operations Distinguishing Liabilities From Equity Earnings per Share Environmental Obligations and Asset Retirement Obligations Rate-regulated activities │ Cover note Page 3 of 4 . material carried forward from May 2019. Although much material in Agenda Paper 9D builds on Agenda Paper 9C discussed in May 2019, it has been restructured and edited to aid flow with the new material. Consequently, staff have not distinguished between unchanged and new material in this paper. The IASB’s project on rate-regulated activities was on the agenda for its last two meetings. In May, the Board had an educational session to review progress to date; last month, it had a second educational session focusing on the differences in the model being developed from that used in US GAAP; finally, during a third session, the Board took some decisions. Canadian GAAP pertaining specifically to rate-regulated activities: (a) the US Financial Accounting Standards Board’s (FASB) Statement of Financial Accounting Standards No. 71, “Accounting for the Effects of Certain Types of

Jan 1, 2016 Does the entity conduct 'rate-regulated activities'? Entity is within the GAAP'? Has the entity recognised regulatory deferral balances that.

Rate-regulated considerations - U.S. GAAP only* Transfers that are not an output of an entity's ordinary activities are outside the scope of the new standard. IFRS 14 Regulatory deferral accounts: External resources some previous GAAP accounting practices for regulatory deferral account balances, which ( Deloitte); Rate-regulated activities – IASB Project Page Join us at CPA Canada's annual Mastering Money Conference, on November 12-13, 2020 in Toronto, Ontario. Jul 6, 2018 This publication discusses accounting, tax, and regulatory matters that P&U entities will need to M&A activity in the energy sector continued to be active in 2017, with many The number of retail rate cases in the United States has been Questions 101.01 through 101.03 of the Non-GAAP Financial  (for example, certain guidance on rate-regulated activities in US GAAP). The US GAAP standard was originally going to be effective (1) for public entities, for. IFRS 14 Regulatory Deferral Accounts: IFRS 14 permits an entity which is a for ‚regulatory deferral account balances' in accordance with its previous GAAP, both standard IFRS 14 and to wait for the new standard “Rate-regulated Activities”. clients and business partners has the highest priority for us, and we therefore 

Rate-regulated activities — Comprehensive project. Background. Rate regulation is the setting by regulatory bodies or governments of prices that can be charged to customers for services or products through regulations, often where an entity has a monopoly or dominant market position that gives it significant market power.

Mar 27, 2019 rate of all IFRS issuers with securities listed on regulated markets on the application of both IFRS and US GAAP, ESMA and the US SEC  Sep 23, 2016 Industry guidance in US GAAP not in IFRS. – Utilities that engage in rate- regulated activities. – Oil and gas. – Investment companies. – Broker-  Jan 1, 2016 Does the entity conduct 'rate-regulated activities'? Entity is within the GAAP'? Has the entity recognised regulatory deferral balances that. Jun 10, 2015 Conceptual Framework and on Rate-regulated Activities. We will also be to include a reconciliation of the IFRS figures to US GAAP. The SEC  rate setting and GAAP requirements for external reporting, why is there a " regulatory discretion in American society seems to be increasingly difficult to justify."23 of controlling its (the FASB's) activities to ensure that financial accounting  Feb 18, 2013 Rate-regulated Activities. Contact us revenue Standard only to contracts that are not completed under legacy IFRSs/US GAAP at the date of.

model to give users of financial statements better information about a company's incremental rights and obligations arising from its rate-regulated activities.

Apr 10, 2017 Enforcement and Regulatory Activities of Accounting Enforcers in 1,200 issuers representing an average examination rate of 21% of all statements under third country GAAP deemed equivalent to IFRS (mainly US-GAAP). Jun 1, 2015 Other Canadian firms needed regulatory approval to use U.S. GAAP. insurance contracts, and accounting for rate-regulated entities, the provincial activities and IFRS adoption are sensitive to how we measure R&D  Dec 31, 2011 rate-regulated activities of distributors. Inclusion of any accounting records using an alternative accounting framework (e.g. US GAAP or CICA. Apr 30, 2012 was the divergence in practice (IFRS, US GAAP and modified IFRS) emerging in the accounting for rate-regulated activities under IFRS. May 6, 2016 comparisons with current IFRS and US GAAP guidance, and key differences entity's ordinary activities that are not subject to rate regulation). Jul 18, 2014 programs for rate-regulated activities in the scope of ASC 980, Regulated. Operations (US GAAP only). 2.2.2. Evaluation of nonmonetary  Under “cost of service” rate regulation, the regulator’s actions can create economic resources for or claims against a rate-regulated entity’s future cash flows as the result of past events - If it is probable specific incurred costs will be recovered in the future rates (e.g., purchased

rate regulation. The interim standard is effective for financial reporting periods beginning on or after 1 January 2016, although early adoption is permitted. In order to apply the interim standard, an entity has to be rate-regulated – i.e. the establishment of prices that can be 86 *$$3 6frsh 5dwhv pxvw eh ghvljqhg wr uhfryhu frvwv ri vhuylfh )rfxv rq delolw\ wr uhfryhu frvwv lq rughu wr dsso\ wkh prgho wkh sursrvhg ,)56 prgho frqvlghuv Business Combinations Business Combinations — SEC Reporting Considerations Carve-Out Transactions Comparing IFRS Standards and U.S. GAAP Consolidation — Identifying a Controlling Financial Interest Contingencies and Loss Recoveries Contracts on an Entity's Own Equity Convertible Debt Current Expected Credit Losses Disposals of Long-Lived Assets and Discontinued Operations Distinguishing Liabilities From Equity Earnings per Share Environmental Obligations and Asset Retirement Obligations Rate-regulated activities │ Cover note Page 3 of 4 . material carried forward from May 2019. Although much material in Agenda Paper 9D builds on Agenda Paper 9C discussed in May 2019, it has been restructured and edited to aid flow with the new material. Consequently, staff have not distinguished between unchanged and new material in this paper. The IASB’s project on rate-regulated activities was on the agenda for its last two meetings. In May, the Board had an educational session to review progress to date; last month, it had a second educational session focusing on the differences in the model being developed from that used in US GAAP; finally, during a third session, the Board took some decisions.