The International Accounting Standards Board has released an interim standard for businesses that engage in rate-regulated activities, such as gas, electric and water utility companies, even as a new report from two prominent accounting profession organizations outlines some of the challenges the IASB is facing.
The IASB’s interim standard, IFRS 14 Regulatory Deferral Accounts, aims to enhance the comparability of financial reporting by entities that engage in rate-regulated activities. It is not one of the convergence projects that the IASB has been working on with its U.S. counterpart, the Financial Accounting Standards Board, for harmonizing U.S. GAAP with International Financial Reporting Standards. The IASB has been working separately on standards for rate-regulated utilities in response to demands from standard-setters in countries abroad. However, the standards may eventually influence the work of FASB in the U.S.
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