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Recognizing assets

CA Magazine, 2008-12, Vol.141 (10), p.42

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Title:
Recognizing assets
Author: Browne, John
Subjects: Cost recovery ; Costs ; Financial statements ; Intangible assets ; International Financial Reporting Standards ; Public utilities ; Regulation ; Utility rates
Is Part Of: CA Magazine, 2008-12, Vol.141 (10), p.42
Description: Canadian utilities often recognize regulatory assets and liabilities with a corresponding impact on reported income. However, the upcoming adoption of international financial reporting standards (IFRS) is raising questions as to whether they will be allowed to do so in the future. Of the existing IFRS, the one most applicable to regulatory assets is International Accounting Standard (lAS) 38, Intangible Assets. IAS 38 applies to intangible assets other than those covered by other standards. As with any asset, an intangible asset must represent a resource controlled by an entity as a result of past events and from which future economic benefits are expected to flow to the entity. It is not clear whether regulatory assets should or should not be recognized under IFRS. However, it can be argued that many regulatory assets would substantially meet it since it is highly probable that an independent regulator will grant this legal right due solely to past events.
Publisher: Toronto: CANADIAN INSTITUTE OF CHARTERED ACCOUNTANTS
Language: English
Identifier: ISSN: 0317-6878
CODEN: CAMADJ
Source: ProQuest Central

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