Are you new to the electric industry or need a refresher class? Here you'll find practical resources on FERC and RUS accounting!

FERC accounting is the electric industry best practice in electric construction accounting. It can be difficult to find utility and RUS education courses, so you've come to the right place.

The FERC approach to construction accounting is practical and focuses on fully costing projects in order to include them properly in electric rates. This class discusses the overheads that should be included in construction projects and how to calculate them, analyzing and classifying project costs, and fixed asset retirement accounting.

This 85 minute class is a perfect course for new employees to get familiar with using the FERC Chart of Accounts for construction and a great refresher for experienced team members.
Power plant

What you'll learn in this course

  • You will know the details for construction accounting that FERC provides in the Uniform System of Accounts.

  • You will know the distinction between capital and maintenance activities and how it impacts your electric rates.

  • You will be able to design a standard construction unit and know how to apply it in your work order system.

  • You will know the inputs and calculations for all overheads that should be included in construction projects - labor, materials management, equipment, the allowance for funds used during construction (AFUDC), and inter-office allocations.

  • Knowing the journal entries for all overheads will be part of your skills.

  • You will be able to apply the calculation of the Three-Point formula for administrative and general cost allocations to your organization.

  • We'll have quick quizzes to reinforce the materials.

  • You'll learn how to have fun while doing FERC accounting!

  • You'll get pop-ups along the way encouraging you to keep going and unexpected surprises at any time!

Course Overview

  1. 1
    • Please take this quick survey about what you'd like to learn from this class

    • FERC Accounting for Construction - The Electric Industry Standard

    • How FERC accounting fits perfectly with electric construction accounting

    • Building a “standard” electric unit - Front end planning makes for end of project bliss

    • Developing labor overhead rates

    • FERC Accounting 101 - Labor overhead quiz

    • Stores and materials management overhead costs

    • FERC Accounting 101 - Stores overhead quiz

    • Developing equipment rates

    • FERC Accounting 101 - Equipment overhead quiz

    • Allowance for Funds Used During Construction - AFUDC - The special sauce of construction projects

    • FERC Accounting 101 - AFUDC quiz

    • The “3-Point Formula” - Best practice in allocating general and administrative costs

    • FERC Accounting 101 - General and administrative quiz

    • Analyzing and classifying project costs in the general ledger - The general ledger drives the cost of service study

    • FERC Accounting 101 - Analyzing projects and retirements quiz

    • Course wrap up - Applying your new knowledge!

    • How did we do? Did the course meet your learning objectives? Please take this quick survey and let us know!

Here's a sample of the course!

This course is for you if........

  • You are a new electric cooperative or utility employee and want to know more about how the electric utility business works.

  • You want to learn how to "speak electric" and use the language of the FERC USOA for accounting.

  • You want to know how the FERC USOA is organized for construction activities how it can help you as a reference guide.

  • You want to learn practical applications for calculating and applying construction overheads to projects.

  • You are an auditor of electric utilities or cooperatives and want to know more about the business so you can do a better job auditing.

  • You'd like access to a community of electric industry accounting and finance students to share questions, answers, and comments on the electric business.

Let me share insights that will bring value to your organization and career!

Russ Hissom, CPA

Russ Hissom, CPA, is the owner of Utility Accounting Education Specialists (UAES). His goal is to share his electric industry knowledge with you, helping you address your day-to-day work, adding value to you as an individual in your career development and to your electric utility or cooperative.

Russ built his experience through:

  • Learning and leading industry best practices by serving electric investor-owned and municipal utilities, and electric cooperatives
  • 35 years of financial and consulting electric industry experience
  • Past partner in the energy practice of a national public accounting and consulting firm
  • A focus on helping co-ops and utilities become more efficient and prepare for the "power and utilities organization of the future"

    Let Russ help you build your knowledge, help your organization, and enhance your career!

Russ Hissom Electric Industry Instructor

Who should take this course?

  • New electric finance employees

  • Experienced finance team members for a review

  • New electric operational employees

  • Engineering employees to understand the link between engineering and accounting

  • Auditors of electric cooperatives and utilities

How does this course build my knowledge?

What background should I have to take this course?

  • Baseline knowledge of accounting or engineering will enhance your learning experience.

  • Knowing the basics of the finance operations in your electric co-op or utility will give you a head start in some areas.

  • Your knowledge base can be just starting out. We'll give you the tools to be an expert and to "speak electric" in just two hours of instruction!

What you'll get from this course!

  • Course resources

    Over 60+ pages of course materials; jump directly to or replay key concepts with clickable time-reference navigation

  • Continuing Education Credits - CPE

    1.70 credits of CPE

  • Analysis and insights

    Learn practical applications of the FERC Chart of Accounts for construction accounting - take quizzes to test your knowledge

  • Certificate of Completion

    On 100% completion of the course

  • Course access on desktop, table, and mobile

    Learn on-demand, wherever you are

  • The Power of Community

    Access to the Electric Industry Accounting and Business Community to share, questions, answers, and comment on the electric business with other community members


Monthly, quarterly, and annual memberships provide unlimited access to all courses and resources
Get an All-Access or Premium Membership

All courses and resources are built on power and utilities industry best practices and provide practical solutions you can implement in your unique organization

All-Access Membership - Monthly

  • Unlimited access to over 20 online/on-demand courses, 30 hours of content, and spreadsheet resources

  • Download copies of all course content

  • For every course completed you will receive a Certificate of Completion with CPE credits

  • Access to the Power and Utilities Community page to ask questions, get answers, and share ideas

  • Binge courses OR spread them out to meet your schedule

  • New courses are added each month

  • Cancel anytime and have access through the end of your membership period

  • Classes are available on-demand from your desktop, tablet, or phone

$15 per month

All-Access Membership - Annual

  • Unlimited access to over 20 online/on-demand courses, 30 hours of content, and spreadsheet resources

  • Download copies of all course content

  • For every course completed you will receive a Certificate of Completion with CPE credits

  • Access to the Power and Utilities Community page to ask questions, get answers, and share ideas

  • Binge courses OR spread them out to meet your schedule

  • New courses are added each month

  • Cancel anytime and have access through the end of your membership period

  • Classes are available on-demand from your desktop, tablet, or phone

$155 per year

Premium Membership - Quarterly

  • Includes everything in All-Access Membership plus:

  • Monthly, live, recorded, one-hour group sessions on new areas and a discussion of your questions on utility and co-op accounting and finance and any other topics - Attend live or listen to the recording anytime

  • Download three eBooks on FERC construction accounting and ASC 980/GASB 62 regulatory accounting

  • Previews of new courses and your input into course development and future courses

  • Cancel anytime and have access through the end of your membership period

$130 every 3 months

Continuing Professional Education (CPE) Credits

  • All of our online courses are modeled on the guidelines of the AICPA and NASBA Statement on Standards for Continuing Professional Education (CPE) Programs. Courses are not NASBA certified.

  • Final approval of a course for CPE credits is based on the requirements of each states’ regulatory body.

Need some insights into more areas of FERC Accounting?

This course and bundle will show you all applications of FERC Accounting

  • $39.00

    $39.00FERC Accounting 101 - Class 1 - Introduction to FERC Accounting

    Get the Course >
  • $89.00

    $89.00FERC Electric System Construction Accounting Bundle

    Buy Now
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