⚡Updates to RUS Electric Borrowers' Accounting Requirements
Accounting Requirements for RUS Electric Borrowers
Summary
The Rural Utilities Service (RUS or the Agency), an agency of the Rural Development (RD) mission area within the U.S. Department of Agriculture (USDA), is issuing a final rule with comment to update the accounting requirements for RUS Electric Program borrowers. These changes include adding new accounts to the Uniform System of Accounts (USoA), deleting obsolete accounts and clarifying instructions and definitions for the new and some existing accounts. In addition, new accounts and general instructions are being added for partially extinguished or forgiven debt.
Agencies
- Agriculture Department
- Rural Utilities Service
Business Impact
$$$ - High
This regulatory document outlines updated accounting requirements for RUS Electric Program borrowers, including significant changes to how debts and environmental credits are recorded. It impacts financial reporting and compliance, potentially increasing operational costs and necessitating updates to financial systems for businesses involved.