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The FERC formula for computing AFUDC is comprehensive and takes into consideration these ve: Debt and equity funds The levels of construction Short-term debt The costs of long-term debt and preferred stock are based on the traditional embedded cost approach, using the preceding year-end costs 5 The cost rate for common equity is usually the rate granted in the most recent rate proceeding The FCC instructions also provide for equity and debt components In allowing AFUDC, the FERC and FCC recognize that the capital carrying costs of the investments in construction workin-progress are as much a cost of construction as other construction costs such as labor, materials, and contractors In contrast to regulated utilities, nonregulated companies are governed by a different standard, SFAS No 34 Under the FASB guidelines:
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[T]he amount of interest to be capitalized for qualifying assets is intended to be that portion of interest cost incurred during the assets acquisition periods that theoretically could have been avoided (for example, by avoiding additional borrowings or by using the funds expended for the assets to repay existing borrowings) if expenditures for the assets had not been made
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Furthermore, SFAS No 34 allows only debt interest capitalization and does not recognize an equity component The speci c standard in SFAS No 71 states that capitalization of such nancing costs can occur only if both of the following two criteria are met 1 It is probable that future revenue in an amount at least equal to the capitalized cost will result from the inclusion of that cost in allowable costs for rate-making purposes 2 The future revenue will be provided to permit recovery of the previously incurred cost rather than to provide for expected levels of similar future costs In practice, many have interpreted the standard under SFAS No 71 to mean that AFUDC should be capitalized if it is reasonably possible (not necessarily probable under SFAS No 5) that the costs will be recovered This same reasoning was also applied to the capitalization of other incurred costs such as labor and materials Thus, capitalization occurred so long as recovery was reasonably possible and a loss was not probable As previously indicated, SFAS No 90 amends the de nition of probable included in SFAS No 71 such that probable is now de ned under the stringent technical de nition in SFAS No 5 In addition, paragraph 8 of SFAS No 90 clari ed that AFUDC capitalized under paragraph 15 can occur only if subsequent inclusion in allowable costs for rate-making purposes is probable Accordingly, the standard for capitalizing AFUDC is different from the standard applied to other costs, such as labor and materials The FASB also concluded in SFAS No 92, paragraph 66, that:
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[I]f the speci c criteria in paragraph 15 of SFAS No 71 are met but AFUDC is not capitalized because its inclusion in the cost that will become the basis for future rates is not probable, the regulated utility may not alternatively capitalize interest cost in accordance with SFAS No 34
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(ii) Intercompany Pro t Paragraph 16 of SFAS No 71 generally reaf rms the provision in ARB No 51 that intercompany pro ts on sales to regulated af liates should not be eliminated in general-purpose nancial statements if the sales price is reasonable and it is probable that future revenues allowed through the rate-making process will approximately equal the sales price
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337 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 71
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(iii) Accounting for Income Taxes In paragraph 18 of SFAS No 71, the FASB recognized that, in some cases, a regulator ows through the tax effects of certain timing differences as a reduction in future rates In such cases, if it is probable that future rates will be based on income taxes payable at that time, SFAS No 71 did not permit deferred taxes to be recorded in accordance with APB Opinion No 11, Accounting for Income Taxes In February 1992, SFAS No 71 was amended by SFAS No 109 and paragraph 18 was replaced by the following:
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A deferred tax liability or asset shall be recognized for the deferred tax consequences of temporary differences in accordance with FASB Statement No 109, Accounting for Income Taxes
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(iv) Refunds Paragraph 19 of SFAS No 71 addresses the accounting for signi cant refunds Examples include refunds granted gas distribution utilities from pipelines and telephone refunds occurring where revenues are estimated in one period and trued-up at a later date or where revenues are billed under bond pending settlement of a rate proceeding For refunds recognized in a period other than the period in which the related revenue was recognized, disclosure of the effect on net income and the years in which the related revenue was recognized is required if material SFAS No 71 provides presentation guidance that the effect of such refunds may be disclosed by displaying the amount, net of income tax, as a line item in the income statement, but not as an extraordinary item Adjustments to prior quarters of the current scal year are appropriate for such refunds, provided all of the following three criteria are met: 1 The effect is material (either to operations or income trends) 2 All or part of the adjustment or settlement can be speci cally identi ed with and is directly related to business activities of speci c prior interim periods 3 The amount could not be reasonably estimated prior to the current interim period but becomes reasonably estimable in the current period This treatment of prior interim periods for utility refunds is one of the restatement exceptions contained in paragraph 13 of SFAS No 16, Prior Period Adjustments (v) Deferred Costs Not Earning a Return Paragraph 20 of SFAS No 71 requires disclosure of costs being amortized in accordance with the actions of a regulator but not being allowed to earn a return during the recovery period Disclosure should include the remaining amounts being amortized (the amount of the nonearning asset) as well as the remaining recovery period (vi) Examples of Application Appendix B in SFAS No 71 contains examples of the application of the general standards to speci c situations These examples, along with the basis for conclusions (Appendix C), are an important aid in understanding the provisions of SFAS No 71 and the nancial statements of utilities Items discussed include the following:
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Intangible assets Accounting changes Early extinguishment of debt Accounting for contingencies Accounting for leases Revenue collected subject to refund Refunds to customers Accounting for compensated absences
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