Accountant Town

FASB ASC Guide > FASB ASC 980

The Financial Accounting Standards Board (FASB) released Accounting Standards Codification 980 (ASC 980) to address regulated operations and topics related to them. One of the main items which are discussed within this is rate (price) regulation which these entities, such as power companies, may charge. Many times these operations are allowed a set markup on actual costs – however as actual costs are never known at the time of billing, they financial statements are constantly subject to adjustment for over and under billings.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

For more in depth information on this and other FASB ASC topics, check out the following books.