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  • PFRS 14

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    PFRS 14 specifies the financial reporting requirements for regulatory deferral account balances arising from rate-regulated activities. Regulatory deferral account balances are expenses or incomes that would not normally be deferred under other standards but are deferred because the regulator includes them in setting rates. They are presented separately from assets and liabilities. PFRS 14 is an optional standard only available to first-time adopters, who continue applying their previous accounting standards to regulatory deferral accounts except for changes in policy and presentation. Existing PFRS users and entities changing policy to recognize regulatory balances cannot use PFRS 14.

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    PFRS 14 specifies the financial reporting requirements for regulatory deferral account balances arising from rate-regulated activities. Regulatory deferral account balances are expenses or incomes that would not normally be deferred under other standards but are deferred because the regulator includes them in setting rates. They are presented separately from assets and liabilities. PFRS 14 is an optional standard only available to first-time adopters, who continue applying their previous accounting standards to regulatory deferral accounts except for changes in policy and presentation. Existing PFRS users and entities changing policy to recognize regulatory balances cannot use PFRS 14.

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    PFRS 14

    Uploaded by

    ellapot89
    PFRS 14 specifies the financial reporting requirements for regulatory deferral account balances arising from rate-regulated activities. Regulatory deferral account balances are expenses or incomes that would not normally be deferred under other standards but are deferred because the regulator includes them in setting rates. They are presented separately from assets and liabilities. PFRS 14 is an optional standard only available to first-time adopters, who continue applying their previous accounting standards to regulatory deferral accounts except for changes in policy and presentation. Existing PFRS users and entities changing policy to recognize regulatory balances cannot use PFRS 14.

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    PFRS 14 specifies the financial reporting requirements for regulatory deferral account balances arising

    from the sale of goods or services that are subject to rate regulation. Regulatory deferral account
    balance is the balance of any expense (or income) account that would not be recognized as an asset or a
    liability in accordance with other Standards, but that qualifies for deferral because it is included, or is
    expected to be included, by the rate regulator in establishing the rate(s) that can be charged to
    customers. It is not presented as current or noncurrent. Instead, they are presented separately from the
    sub-totals of assets and liabilities that are presented in accordance with other Standards. It is an
    optional standard that is available only to first-time adopters. A first-time adopter continues to apply its
    previous GAAP to the recognition, measurement, impairment and derecognition of regulatory deferral
    account balances, except for changes in accounting policies and the presentation of regulatory deferral
    accounts. Existing PFRS users are prohibited from using PFRS 14. An entity is prohibited from changing
    its accounting policy in order to start recognizing regulatory deferral account balances.

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