Financial reporting to the Federal Energy Regulatory Commission

FERC versus GAAP reporting considerations

February 2025 update

In 2025, FERC Form 1 filers will be adopting FERC Order 898 for their first quarter Form 3Q. This order provides several new accounts for renewable and storage assets and related activities. It also codifies the accounting and associated accounts to use for environmental credits. In addition, there are new accounts related to software, hardware and communication equipment. We have observed companies in various stages of adopting this standard and expect it to be a focus in the early part of this year.

As it relates to the 2024 FERC reporting, there are not significant new items for companies to consider. Similarly, there were limited changes in 2024 regarding U.S Generally Accepted Accounting Principles (GAAP) that would significantly impact regulated entities, which is often another indicator of new FERC to GAAP differences. However, 2024 did see several exposure drafts issued by FASB that may result in new FERC reporting considerations in future years.

This update to our FERC reporting guide provides you with the key FERC reporting considerations that you should know and serves as a useful tool during FERC reporting season.