FERC Electric Work Order Accounting | Level 2 | Advanced Topics

This Level 2 advanced electric construction accounting course discusses industry best practices in complex areas. We show you how to follow industry best practices for full cost recovery in customers rates. (3.12 credits)

Advanced work order accounting topics

There are unique areas of electric work order accounting that don't fit into the overall "box" of situations you'll encounter. This Level 2 advanced electric work order accounting course discusses industry best practices in complex areas and shows methods for full cost recovery in customer electric rates.
Advanced electric construction accounting

What you'll learn in this course

  • You will review of the basic fundamentals of electric system construction accounting.

  • You will learn practical examples of the construction process that can be used in your organization.

  • The course will build on the basic construction fundamentals towards more complex areas of construction accounting, including asset retirement obligations, completed construction not classified, accounting for spares, cost of capital, contributions in aid of construction (FERC and GASB approach), and overhead calculation and accounting.

  • You will learn the financial statement presentation of these areas.

  • You will take a quiz to reinforce your knowledge of this topic.

  • In this 159 minute class you’ll earn 3.18 continuing professional education credits.

This course is for you if

  • You work in the finance area and are seeking information on "those areas that don't seem to fit our usual FERC accounting practices"

  • You work in the accounting or engineering departments and your job includes setting up or closing electric work orders

  • You are a rate analyst and need to understand these transactions to include them in cost of service studies

  • You are an auditor of electric utilities or cooperatives and want insights into more complex areas of power and utilities accounting

Take the course today, benefit your organization, and build your knowledge and value!

Meet your instructor!

Russ Hissom, CPA

Russ Hissom, CPA, is the owner of Utility Accounting Education Specialists (UAES). He has over 35 years of utility industry experience, serving as a partner in a national public accounting and consulting firm’s energy practice. Russ has worked with electric investor-owned and municipal utilities, and electric cooperatives, learning and leading industry best-practices. Russ brings this wealth of knowledge to every course, article, and book he develops. His speeches before national utility organizations share insights into helping utilities become more efficient and prepare for the “power and utilities organization of the future”. His goal is to provide value to you as an individual in your career development and to your utility/cooperative in these industry-focused areas.

Who should take this course?

  • Finance managers

  • Work order and fixed asset accountants

  • Financial statement preparers

  • Project managers charged with construction budget management

  • Electric rates analysts

  • Auditors of electric utilities and cooperatives

What background should I have to take this course?

  • Basic background into the electric construction process can help you experience more benefits from the course.

  • Some introductory knowledge of the electric industry is not necessary, but can help you experience more benefits from the course.

  • This class provides a short review of electric construction fundamentals, then moves to details on more advanced areas of electric construction accounting. A basic knowledge of electric industry accounting will aid in maximizing your enjoyment and usefulness of this course.

What you'll get from this course

  • Course resources

    Over 30 + pages of course materials, including detailed examples and reports

  • Continuing Education Credits - CPE

    3.18 credits of CPE - Final approval of a course for CPE credits is based on the requirements of each states’ regulatory body

  • Analysis and insights

    Best practices in complex areas of power and utilities accounting including journal entries, financial statement presentations, and cost of service considerations

Take the course today, benefit your organization, and build your knowledge and value!

Course Overview

17 videos with reference materials

  • 1

    Electric Construction Accounting | FERC | Advanced Topics

    • Course introduction - Utility Construction Accounting

    • Here's a tour of the course player!

    • Course information

    • Course objectives and power industry trends

  • 2

    The impact of utility construction on customer rates/Review of construction accounting fundamentals

    • How utility construction accounting impacts customer rates

    • Quiz - review of utility rate impacts

    • Utility construction accounting - Review of the fundamentals

    • Quiz - Review of utility construction fundamentals

  • 3

    Unique adventures in utility construction accounting

    • A - Preliminary survey, leases, completed construction, critical spares and jointly-owned power plants

    • Lesson A Wrap-up Quiz - Unique applications

    • B - Asset impairments

    • Lesson B Wrap-up Quiz - Asset impairments

    • C - Asset retirement obligations, depreciation expense

    • Lesson C Wrap-up Quiz - Asset retirement obligations, depreciation expense

    • D - Accounting for utility storm damage

    • Lesson D Wrap-up Quiz - Accounting for utility storm damage

  • 4

    Summary and wrap-up

    • Class summary and wrap-up

    • Final course evaluation. We'd appreciate it if you would take a minute to leave your thoughts and comments! Thank you!

Take the course today, benefit your organization, and build your knowledge and value!

Complete one course and any future courses are 25% off!