Large-scale construction projects undertaken by utilities and power companies often result in accounting matters pertaining to capitalization of costs, operations and maintenance, depreciation, and asset retirement obligations. As a result, accounting for capital assets is often a focal point for reporting entities in the industry.
Reporting entities should refer to PwC’s Property, plant, and equipment guide for general information on accounting for capital assets. This chapter discusses industry-specific topics related to accounting for plant assets, including the following:
  • Capital projects (capital versus expense)
  • Depreciation
  • Maintenance, including major maintenance
  • Impairment

See UP 13 for information on accounting for asset retirement obligations related to power plants and other utility assets as well as UP 14 for discussion of nuclear power plant issues. See UP 18 for information on plant-accounting considerations specific to regulated utilities.
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