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337 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 90: REGULATED ENTERPRISES ACCOUNTING FOR ABANDONMENTS AND DISALLOWANCE OF PLANT COSTS
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(a) SIGNIFICANT PROVISIONS OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 90 The provisions of SFAS No 90 are limited to the narrow area of accounting for abandonments and disallowances of plant costs and not to other assets, regulatory or otherwise (i) Accounting for Regulatory Disallowances of Newly Completed Plant When a direct disallowance of a newly completed plant is probable and estimable, a loss should be recorded, dollar for dollar, for the disallowed amount After the write-down is achieved, the reduced asset forms the basis for future depreciation charges An indirect disallowance occurs when, in certain circumstances, no return or a reduced return is permitted on all or a portion of the new plant for an extended period of time To determine the loss resulting from an indirect disallowance, the present value of the future revenue stream allowed by the regulator should be determined by discounting at the most recent allowed rate of return This amount should be compared with the recorded plant amount and the difference recorded as a loss Under this discounting approach, the remaining asset should be depreciated consistent with the rate making and in a manner that would produce a constant return on the undepreciated asset equal to the discount rate (ii) Accounting for Plant Abandonments In the case of abandonments, when no return or only a partial return is permitted, at the time the abandonment is both probable and estimable, the asset should be written off and a separate new asset should be established based on the present value of the future revenue stream The entities incremental borrowing rate should be used to measure the new asset During the recovery period, the new asset should be amortized to produce zero net income based on the theoretical debt, and interest should be assumed to nance the abandonment FTB No 87-2, Computation of a Loss on an Abandonment, supports discounting the abandonment revenue stream using an after-tax incremental borrowing rate (iii) Income Statement Presentation SAB No 72 (currently cited as SAB Topic 10E) concludes that the effects of applying SFAS No 90 should not be reported as an extraordinary item SAB No 72 states that such charges should be reported gross as a component of other income and deductions and not shown net-of-tax The following presentation complies with the requirements of SAB No 72:
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Operating income Other income (expense) Allowance for equity funds used during construction Disallowed plant cost Income tax reduction for disallowed plant cost Interest income Income taxes applicable to other income Income before interest charges $XX XX (XX) XX XX XX $XX
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338 STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 92: REGULATED ENTERPRISES ACCOUNTING FOR PHASE-IN PLANS
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(a) SIGNIFICANT PROVISIONS OF STATEMENT OF FINANCIAL ACCOUNTING STANDARDS NO 92 A phase-in plan, as de ned in SFAS No 92, is a method of ratemaking that meets each of the following three criteria:
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338 REGULATED ENTERPRISES ACCOUNTING FOR PHASE-IN PLANS
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1 Adopted in connection with a major, newly completed plant of the regulated enterprise or one of its suppliers or a major plant scheduled for completion in the near future 2 Defers the rates intended to recover allowable costs beyond the period in which those allowable costs would be charged to expense under GAAP applicable to enterprises in general 3 Defers the rates intended to recover allowable costs beyond the period in which those rates would have been ordered under ratemaking methods routinely used prior to 1982 by that regulator for similar allowable costs of that utility The phase-in de nition includes virtually all deferrals associated with newly completed plant, such as rate levelization proposals, alternative methods of depreciation such as a sinking fund approach, rate treatment of capital leases as operating leases, and other schemes to defer new plant costs to the future SFAS No 92 speci cally states that it applies to rate-making methods developed for major newly completed plant of the regulated enterprise or of one of its suppliers Accordingly, SFAS No 92 must be considered with respect to purchase power contracts Under the accounting provisions of SFAS No 92, cost deferral under a phase-in plan is not permitted for plant/ xed assets on which substantial physical construction had not been performed before January 1, 1988 Consequently, for a major, newly completed plant that does not meet the January 1, 1988, cutoff date, post in-service deferrals for nancial reporting purposes are limited to a time frame that ends when rates are adjusted to re ect the cost of operating the plant This limitation, along with the restriction on modifying an existing phase-in plan, as discussed below, are the most important SFAS No 92 provisions today As indicated above, SFAS No 92 applies to the costs of a major, newly completed plant There are situations in which a regulator subsequently starts to defer rates intended to recover allowable plant costs after return on and recovery of such costs have been previously provided One example of this situation would occur when a regulator orders a future reduction in the depreciation rate (and rates charged to customers) of a 15-year-old nuclear generation plant, to factor in a potential 20-year license extension Assuming that the new depreciation rate adopted by the regulator cannot be supported under GAAP (perhaps because the utility does not believe a license extension will occur), a regulatory deferral of plant costs (ie, regulatory depreciation expense would be less than depreciation for nancial reporting purposes) would result If the rate order was issued in connection with a major, newly completed plant, the guidance set forth in paragraph 35 of SFAS No 92 presumes that the regulatory deferral of the old plant is equivalent to the regulatory deferral of the new plant Thus, SFAS No 92 must be applied And, under that Statement, because the regulatory action results in a phase-in plan as de ned in SFAS No 92, no costs can be deferred for nancial reporting purposes However, if the new rate order was not issued in connection with a major, newly completed plant and it is clear that the regulatory deferral relates only to old plant, SFAS No 92 would not apply Any deferral for nancial reporting purposes must meet the requirements of SFAS No 71, paragraph 9, for establishing and maintaining a regulatory asset That determination should consider, as noted in paragraph 57 of SFAS No 92, that the existence of such regulatory cost deferrals calls into question the applicability of SFAS No 71 (i) Accounting for Phase-In Plans If the phase-in plan meets all of the criteria required by SFAS No 92, all allowable costs that are deferred for future recovery by the regulator under the plan should be capitalized for nancial reporting as a separate asset If any one of those criteria is not met, none of the allowable costs that are deferred for future recovery by the regulator under the plan should be capitalized
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The plan has been agreed to by the regulator The plan speci es when recovery will occur All allowable costs deferred under the plan are scheduled for recovery within 10 years of the
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