NARUC Staff Subcommittee Accounting and Finance Accounting for Emission Allowances |
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1 | NARUC Staff Subcommittee Accounting | 7 | weighted-average method. Both allowable, |
and Finance Accounting for Emission | but must be applied consistently and | ||
Allowances Bob Ford Ernst & Young LLP | adequately disclosed. Also, may have two | ||
October 8, 2007. | categories: Held for use Trading. 6. | ||
2 | Background – History of the Emission | 8 | Inventory Model. Full recognition on |
Allowance. Acid Rain Program under Title | sale to third party (unless SFAS 71 would | ||
IV of the 1990 Clean Air Act Amendments | require gain be deferred as a regulatory | ||
Established to achieve significant | liability). Carryover basis on vintage | ||
reductions in the emissions of sulfur | year swaps. Balance sheet classification | ||
dioxide (SO2) and nitrogen oxide (NOx) | based upon the year of expected use. Cash | ||
Basically, every major fossil fuel-burning | flow statement inflows and outflows | ||
energy production facility in the U.S. is | classified as operating. Lower of cost or | ||
affected. 1. | market approach to impairment. 7. | ||
3 | Background (Continued). Based upon a | 9 | Intangible Asset Model. Full |
“cap and trade” program design In the SO2 | recognition on sale to third party (unless | ||
Allowance Program, affected utility units | SFAS 71 would require gain be deferred as | ||
are allocated allowances, based upon their | a regulatory liability). Fair value basis | ||
historic fuel consumption (1985-1987) and | for vintage year swaps, if readably | ||
a specific allowance rate. Each allowance | determinable. Balance sheet classification | ||
permits a unit to emit one ton of SO2 | as long-term. However, some have recorded | ||
during or after a specific year. Tracking | based upon expected year of usage per | ||
performed in a central Database called the | language in SFAS 142. Cash flow statement | ||
Allowance Tracking System (ATS.). 2. | inflows and outflows classified as | ||
4 | Background (Continued). Units with a | investing. Impairment assessed under SFAS | |
shortfall of allowances may buy them from | 144. Follow SFAS 142 disclosure | ||
sources that have reduced emissions below | requirements for intangibles. 8. | ||
their allocated level. Unused allowances | 10 | Expense Model – Inventory Method. For | |
of a given “vintage” year may also be | inventory accounting method, cost recorded | ||
“banked forward” to the next or future | as cost of production as allowances are | ||
years. SO2 program is the most liquid of | utilized. Cost usually weighted-average of | ||
the environmental markets and trades | all allowances purchased in open market | ||
actively on a daily basis. 3. | and allocated allowances. Any LCM | ||
5 | History of Accounting for EA’s. | impairments recorded immediately through | |
International Financial Reporting | income statement. With significant market | ||
Interpretations Committee (“IFRIC”) took | fluctuations, this can be a bit dicey!!!! | ||
up the fight initially and issued IFRIC 3, | 9. | ||
Emission Rights, in December 2004. IFRIC 3 | 11 | Expense Model – Intangible Asset | |
called for intangible asset treatment, | Method. Apply appropriate amortization | ||
with income statement recording for any | method under SFAS 142, paragraph 12: A | ||
difference between the amount granted by | recognized intangible asset shall be | ||
government and the fair value amount of | amortized over its useful life to the | ||
the allowance at date of delivery. IFRIC 3 | reporting entity unless that life is | ||
was withdrawn in June 2005 after | determined to be indefinite. If an | ||
considerable pressure from both business | intangible asset has a finite useful life, | ||
and political community. 4. | but the precise length of that life is not | ||
6 | History of Accounting (Continued). In | known, that intangible asset shall be | |
the U.S., the Emerging Issues Task Force | amortized over the best estimate of its | ||
(“EITF”) made an attempt by issuing EITF | useful life. The method of amortization | ||
Issue 03-14, Participants’ Accounting for | shall reflect the pattern in which the | ||
Emissions Allowances under a “Cap and | economic benefits of the intangible asset | ||
Trade” Program. EITF was never finalized | are consumed or otherwise used up. If that | ||
and eventually was pulled from EITF | pattern cannot be reliably determined, a | ||
agenda. Since this time, the FASB and the | straight-line amortization method shall be | ||
SEC have informally discussed their views. | used. Such as the units of production | ||
In February 2007, this project was added | basis or even specific identification. 10. | ||
to the FASB Agenda in line with its push | 12 | Conclusion – Clear as Mud!!! Companies | |
for Fair Value accounting. 5. | need to select a method and STICK TO IT! | ||
7 | What to do, What to do? Obviously, the | Disclose, disclose, disclose. Both | |
lack of authoritative guidance is creating | accounting policy and effects on Q’s and | ||
diversity in accounting practices. Current | K’s. More to come in this Fair Market | ||
practice has companies treating as either | Value World we live in!!! 11. | ||
inventory or intangible assets. FERC | 13 | Questions? | |
requires recording under historical cost | ey.com/global/content.nsf/International/Ut | ||
basis as inventory with income statement | lities_Overview. 12. | ||
recognition as pollution occurs based upon | |||
NARUC Staff Subcommittee Accounting and Finance Accounting for Emission Allowances.ppt |
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