FERC Project and Work Order Accounting | Step 1 | Developing Standard Units

Step 1 in work order accounting is developing "standard units"

Step 1 - Developing standard electric construction units

Utility rates are driven by infrastructure spending to serve customers. Step 1 in costing that investment is to develop a strong accounting foundation and process. Step 1 includes the accounting approach to standard units. This course gives a detailed discussion on developing standard electric construction units and how standard units are the foundation of a solid work order system.
Standard construction units

What you'll learn in this course

  • You'll learn about how standard units are the foundation of best-practices in FERC electric work order accounting

  • You'll build a standard electric construction unit

  • You'll learn how standard units reflect your electric utility or cooperative's current construction costs

  • We'll discuss the impact that standard units have on electric cost-of-service studies

This course is for you if

  • Your job includes developing standard electric units for the work order system

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

  • You train field crews on what is important on the "paperwork" side when they do electric construction projects

  • Your duties include setting up new continuing property records

  • You are an auditor of electric utilities or cooperatives and want insights into business processes in an electric work order system and how FERC, FASB, and GASB can work seamlessly together

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?

  • Electric work order and fixed asset accountants

  • Finance managers

  • Engineering and design team members

  • Project managers charged with construction budget management

  • Electric construction team leads

  • Auditors of electric utilities and cooperatives

What background should I have to take this course?

  • No background in electric construction accounting is needed.

  • 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 the electric utility ratemaking process and how work order accounting supports equitable customer rates. Then we discuss how to establish standard construction units to aid in accurately classifying projects. Standard units are the foundation of electric construction accounting.

What you'll get from this course

  • Course resources

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

  • Continuing Education Credits - CPE

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

  • Analysis and insights

    A step by step process for developing a standard electric construction unit, an understanding of why this is important and templates you can use to build standard units

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

Watch Intro Video

Course Highlights

Course Overview

6 videos with downloadable reference materials

  • 1

    FERC Project and Work Order Accounting - Step 1 - Developing Standard Units

    • Standard Electric Units - The Foundation of Work Order Accounting

    • Here's a tour of the course player!

    • Course Introduction - What will I learn from this class?

    • What are standard units, how do we define them and use them?

    • Course summary and key takeaways

    • Wrap-up Quiz - Standard Units

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

Official Student Reviews

5 star rating



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