Electric Construction Accounting: Advanced FERC & RUS Topics
Go beyond the standard work order. This course tackles the complex, non-routine construction accounting scenarios that every utility eventually faces — from asset retirement obligations and depreciation to storm damage accounting and jointly-owned power plants.
- 18 lessons · 2 hours of video
- Downloadable PDF & Excel materials
- Journal entry examples and templates
- Review questions in each module
- NASBA-compliant final exam (15 questions)
- Certificate of completion (3.00 CPE)
When Standard Work Order Rules Aren't Enough
Most utility construction projects follow a predictable path from work order to fixed asset. But real utility accounting regularly produces situations that fall outside the standard rules — and those situations have real consequences for financial reporting, rate recovery, and regulatory compliance.
This course addresses exactly those situations. You'll work through asset retirement obligations, depreciation expense and its role in cost-of-service studies, the accounting treatment for leases and critical spares, contributions in aid of construction, preliminary survey expenses, and how to account for jointly-owned power plants. The course also covers asset impairments and the accounting required when construction is damaged or destroyed by storms.
Grounded in FERC and GASB guidance, the concepts apply to investor-owned utilities, public power, and electric cooperatives. It's the natural follow-on to Mastering Electric Construction Cost Accounting and the second course in the FERC & RUS Construction Accounting Career Track.
- Accountants and project accountants handling complex work orders
- Controllers and CFOs overseeing construction accounting compliance
- Finance staff involved in rate cases or cost-of-service studies
- Consultants advising utilities on FERC and RUS accounting
- Auditors of cooperatives and utilities
- Anyone who completed the foundational construction accounting course
Russ Hissom, CPA
Russ Hissom, CPA is a principal of UtilityEducation.com, providing on-demand professional education in FERC, RUS, FASB, and GASB accounting, finance, and ratemaking for electric utilities and cooperatives. With over 35 years of hands-on industry experience, he brings real-world expertise to a modern learning platform trusted by more than 1,000 professionals.
What You'll Be Able to Do After This Course
Inside the Course
Course orientation, learning objectives, and an overview of current power industry trends shaping construction accounting.
- 1. Course Introduction
- Lesson Menu / Index
- 2. Course Overview
- 3. Learning Objectives
- 4. Course Information
- 5. Power Industry Trends
Understand how construction accounting decisions directly affect customer rates, and review the foundational principles that underpin the advanced topics ahead.
- 6. How Construction Accounting Impacts Customer Rates Free Preview
- 7. Review of Construction Accounting Fundamentals
- 8. Review Questions — Part 1
Work through the full range of complex scenarios — preliminary survey costs, leases, critical spares, jointly-owned plants, asset impairments, AROs, depreciation, and storm damage accounting.
- 9. Preliminary Survey, Leases, Completed Construction, Critical Spares & Jointly-Owned Power Plants
- 10. Asset Impairments
- 11. Review Questions — Part 2
- 12. Asset Retirement Obligations & Depreciation Expense
- 13. Accounting for Utility Storm Damage
Review key takeaways and pass the final exam to earn your 3.00 CPE certificate.
- 14. Review Questions — Part 3
- 15. Course Summary & Wrap-Up
- 17. Course Evaluation
- 18. Final Exam
Trusted by Over 1,000 Utility Professionals
"I did not have a lot of knowledge about utility construction accounting or standard units, but this course was a good overview of the process and very understandable to a newbie."
"Russ was great and explained everything really well — someone who has actually been in the industry. I will be taking more courses!"
"This was an incredible overview! I cannot wait to share this with others. I LOVED how you explained things. You have great speaking and explanation skills."
"Good basic understanding of RUS and the chart of accounts. I came from outside the utility world and was quite lost. This class helps provide a solid foundation."
"The Intro to FERC class is a well thought out, easy to understand course for beginners!"
"The title is a great description of the course materials. Very informative course!"
Frequently Asked Questions
Related Courses
Advance Your Construction Accounting Expertise
Master the complex scenarios that standard work order training doesn't cover — and earn 3.00 NASBA CPE credits.
Utility Accounting and Rates Specialists, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: NASBAregistry.org.
Requests for refunds must be made in writing within 30 days of purchasing the course. No refunds will be granted after the qualified assessment has been completed. For any concerns, please contact us at 608-628-4020 or at russ.hissom@utilityeducation.com.
Course materials are provided for informational and educational purposes only. They do not constitute legal, accounting, or professional advice. © 2026 Utility Accounting & Rates Specialists, LLC. All rights reserved.