The buying, selling, transport and distribution of natural gas is one of the most regulated industries in the United States. The reporting of financial accounting results for a natural gas utility is directly related to regulated oversight at the local, state, and federal level. The course introduces how regulation impacts the books and records of a natural gas utility and provides an insight to what regulators require. Further, it provides an insight into what an accountant needs to provide to regulators beyond generally accepted accounting requirements. Included among other topics in the course, is the determination of the revenue requirement, the uniform system of accounting required by regulators, the uniqueness of allowance for funds during construction, construction accounting, and the unique role depreciation plays in the determination of cash flow for a utility.
- Regulation and how it impacts natural gas accounting
- Regulatory oversight by local, state and federal entities
- Natural gas accounting basics
- Revenue requirements and the cost to serve
- Regulatory approval and the recovery of costs
- Contracts, settlements, billing for the buying, selling, transport and distribution of natural gas
- Plant accounting and the identification of plant journal of accounts
- Depreciation and its impact on the cash flow for a utility
- Taxes at the state, local and federal level
Who Should Attend
Entry-level accountants from all departments, including gas accounting, property, tax budget/planning, and general accounting; rates, or other departments interfacing with accounting.
Meet the Instructor
James (Jim) Mayhew has over 40 years of experience in the energy industry including electric, natural gas, and merchant energy services. He has held senior positions with electric, natural gas, joint action agencies, and merchant services overseeing regulatory requirements, regulatory accounting, and customer operations. He has extensive experience in regulatory and financial reporting requirements for utilities at the state and federal levels. He has testified before the Federal Energy Regulatory Commission, state regulatory bodies, and in federal and state courts on revenue requirements, regulatory oversight, accounting results, and customer operations. He has served on multiple industry boards. His education includes a Master of Science in Business, an MBA, and an undergraduate degree in accounting.