What is a regulatory deferral account?
A regulatory deferral account balance is an amount of expense or income that would not be recognised as an asset or liability in accordance with other Standards, but that qualifies to be deferred in accordance with IFRS 14, because the amount is included, or is expected to be included, by a rate regulator in …
What does the international financial reporting standards not use?
Unlike U.S. GAAP, IFRS does not permit inventories to be measured using the Lifo method. Therefore, the U.S. subsidiary would have to gather information on either an average cost or Fifo basis, depending on the parent’s accounting policy.
What are regulatory accounts?
regulatory accounts means all financial and technical information to be prepared by the utility according to accounting policy prescribed under these regulations including the prescribed formats for tariff determination.
What is the difference between accruals and deferrals?
The main difference between an accrual and a deferral is that an accrual is used to bring forward an accounting transaction into the current period for recognition, while a deferral is used to delay such recognition until a later period.
Does the SEC accept IFRS financial statements?
The SEC does not permit its domestic issuers to use IFRS Standards in preparing their financial statements; rather, it requires them to use US GAAP.
What do you mean by International Financial Reporting Standards?
International Financial Reporting Standards (IFRS) are a set of accounting rules for the financial statements of public companies that are intended to make them consistent, transparent, and easily comparable around the world.
What is meant by international accounting standards?
International accounting standards are a set of internationally-agreed principles and procedures relating to the way that companies present their accounts.
Who regulates financial accounts?
The Financial Reporting Council (FRC) promotes transparency and integrity in business. It regulates auditors, accountants and actuaries, and sets the UK’s Corporate Governance and Stewardship Codes. FRC works with the Department for Business, Energy & Industrial Strategy.