N-1Nova Scotia Power Inc. - Accounting Policy and Procedure Manual 5/14/2010
8 passages
Electrical Plant - 13 Includes the installed cost of the following major equipment used primarily for the control and switching of electrical energy and protection of electrical circuits and equipment: - a. Auxiliary Generators - b. Conver...
AI summary The text defines 'Electrical Plant' as including major equipment for electrical energy control, switching, and protection (auxiliary generators, conversion equipment, control equipment), while explicitly excluding voltage/frequency-changing equipment designed for transmission/distribution efficiency.
Mining Equipment 36 Includes the value of all mining assets owned by NSPI.
AI summary The section refers to the valuation of mining assets owned by Nova Scotia Power Inc. (NSPI), specifying that the value of all such assets is included in the calculation.
GENERAL - 02 Effective January 1, 2004, the Company retroactively adopted the new accounting standard issued by the Canadian Institute of Chartered Accountants related to asset retirement obligations. This standard requires the Company to...
AI summary The Company adopted a new accounting standard related to asset retirement obligations effective January 1, 2004, which requires recognizing the present value of future expenditures as a liability. The UARB approved a depreciation order for the removal of generation facilities, with differences recognized as a regulated asset. Some transmission and distribution assets may also have retirement obligations, though estimates are not currently available.
ASSET RETIREMENTOBLIGATIONS (ARO) - 6320
AI summary The document discusses Asset Retirement Obligations (ARO) under the heading 6320, which likely relates to accounting and financial obligations associated with retiring long-term assets. The context includes known acronyms such as UARB and NSPI, indicating potential regulatory and corporate involvement.
NOT USED BUT USEFUL FOR FUTURE USE 13 Assets meeting the following criteria are included in this category: Deleted: 15 - a. they do not currently provide service to the consuming public; and - b. they are expected to be used and useful in...
AI summary The text defines criteria for assets that are included in a specific category, noting that they are not currently providing service to the public but are expected to be used in the future or contribute to standby capacity.
GENERAL - 07 Plant in service refers only to assets that are currently used and useful in the provision of electric service to the consuming public. Factors causing assets to lose their ability to provide service include: - a. reaching the...
AI summary The document defines 'Plant in service' as assets currently used and useful in providing electric service to the public, with factors leading to their loss of serviceability including end of useful life, irreparable failure, and technological obsolescence.
POLICY 08 Assets that are not used and not expected to be used in the foreseeable future should be retired from plant in service.[2](#page-124-0)
AI summary The document states that assets not in use and not expected to be used in the foreseeable future should be retired from plant in service.
LONG-TERM DEBT AND MATCHING NOTES - 8100 - 12 Matching Notes on the Company's books are accounted for on the same basis as the Company's long-term debt issues. Interest is accrued (please refer to Section 8120) and paid semi-annually or an...
AI summary This section outlines the accounting procedures for Matching Notes, including their accrual, payment, and defeasance. Key processes involve retranslation of foreign currency notes, fund transfers, and the release of sinking fund assets. The Company may incur costs related to defeasance depending on prevailing interest rates and acquisition costs of defeasance assets.
N-5First filling of Revisions - NSPI Accounting Policy and Procedures Manual 7/9/2010
3 passages
DEFINITION A redundant asset is one that is no longer required at a specific location, or has become excess by virtue of technology, system changes, etc., and is no longer used and useful at this location.
AI summary A redundant asset is defined as an asset that is no longer required at a specific location or has become excess due to technological advancements or system changes, and is no longer used or useful at that location.
POLICY 02 Redundant assets should be retired from property, plant and equipment and, therefore, excluded from rate base 1 .
AI summary The document states that redundant assets should be removed from property, plant, and equipment and excluded from the rate base, suggesting a focus on asset management and rate base considerations.
PROCEDURES - 05 The Treasurer or their designate is responsible for reviewing the Company's cash position on a daily basis and determining whether or not there will be a cash surplus. Should a surplus be projected, the following factors ar...
AI summary The procedures outline the process for managing cash surplus by the Treasurer or their designate, including evaluating the surplus amount, future cash needs, and prevailing interest rates. Treasury staff solicits bids from money market dealers to secure competitive investment rates, and interest income is credited accordingly.
N-8NSPI's responses to Board questions relating to AP&P changes
5 passages
PROPERTY, PLANT AND EQUIPMENT
AI summary The section titled 'PROPERTY, PLANT AND EQUIPMENT' introduces the topic of property, plant, and equipment in the context of regulatory proceedings. It does not provide detailed information but sets the stage for further discussion on related matters.
PROPERTY, PLANT AND EQUIPMENT CONSTRUCTION WORK IN PROGRESS - 6200 - k. Set up the capital work order in CWIP; - Summarize and control charges; - m. Change status of work order from CWIP to Operational ("OPS") when asset goes in service an...
AI summary The text outlines procedures for managing capital work orders in CWIP, including transitioning work orders to operational status, final cost approval, and depreciation of PPE. It also mentions the requirement for an ATO when project spending exceeds specified thresholds.
PROPERTY, PLANT AND EQUIPMENT RETIREMENT AND DISPOSAL OF CAPITAL ASSETS - 6420
AI summary The document discusses the retirement and disposal of capital assets related to property, plant, and equipment, including accounting standards and authorization processes.
GENERAL O7 Plant in service refers only to assets that are currently used and useful in the provision of electric service to the consuming public or assets that are not used but are useful for standby purposes or future services. Factors c...
AI summary The document defines 'O7 Plant in service' as assets currently used for electric service or useful for standby or future services. Factors causing assets to lose their serviceability include reaching the end of their useful lives, irreparable equipment failure, and technological obsolescence.
POLICY Assets that are not used and not expected to be used in the foreseeable future should be retired from plant in service. 2
AI summary The document states that assets not in use and not expected to be used in the foreseeable future should be retired from plant in service.
06394Board Order 2/16/2011
11 passages
APPLICATION - 03 After the separation of the regulated utility business of Nova Scotia Power Inc. ("NSPI") and the other businesses of Emera Inc. 1 , NSPI segregated its financial data from its affiliates using the "Multi-Org" functionalit...
AI summary NSPI has implemented Oracle's 'Multi-Org' functionality to segregate its financial data from affiliates, creating a more appropriate account structure for non-electric utility businesses. The system allows for decentralization of tasks, improved tracking of expenditures, and direct integration of accounting information into the General Ledger.
PROPERTY, PLANT AND EQUIPMENT INTANGIBLE ASSETS - 6225
AI summary This section of the document discusses Property, Plant, and Equipment (PPE) and Intangible Assets under the category 6225. It includes a reference to a picture on page 87, which likely contains details related to asset valuation or accounting practices.
ASSET RETIREMENTOBLIGATIONS (ARO) - 6320
AI summary The document discusses the topic of Asset Retirement Obligations (ARO) under the Nova Scotia Utility and Review Board (UARB). It includes references to accounting standards and financial practices related to ARO, such as US-GAAP and C-GAAP, and mentions entities like Nova Scotia Power Inc. (NSPI) and Nova Scotia Power (NSP).
DEFINITION 01 An asset retirement obligation is an obligation associated with the retirement of a tangible longlived asset that an entity is required to settle as a result of an existing or enacted law, statute, ordinance, or written or or...
AI summary The text defines an asset retirement obligation (ARO) as a legal requirement to retire a tangible long-lived asset, stemming from laws, contracts, or legal interpretations such as promissory estoppel.
PROPERTY, PLANT AND EQUIPMENT REDUNDANT ASSETS - 6340
AI summary The document discusses Property, Plant, and Equipment (PPE) related to redundant assets under the category 6340. It includes a reference to a JPEG image, which may contain detailed information about the assets or their accounting treatment.
PROCEDURE 03 Assets that are identified as being redundant are evaluated to assess whether they should be returned to inventory, retired 2 or transferred to another location 3 . 1 Please refer to NSPI Accounting Policy and Procedures Manua...
AI summary The document outlines the procedure for evaluating redundant assets, determining whether they should be returned to inventory, retired, or transferred to another location, with references to specific accounting policy manuals for further details.
POLICY - 05 Assets that are not both used and useful should be classified in one of the following categories: - a. Not used and not useful; - b. Not used but useful for standby purposes; or - c. Not used but useful for future service.
AI summary The text outlines the classification of assets that are not both used and useful, specifying three categories: not used and not useful, not used but useful for standby purposes, and not used but useful for future service.
LONG LIVED ASSETS TO BE DISPOSED OF BY SALE - 6360
AI summary The document discusses the disposal of long-lived assets through sale, likely involving Nova Scotia Power Inc. and related entities, under regulatory oversight by the Nova Scotia Utility and Review Board.
GENERAL - 01 A long-lived asset to be sold should be classified as held for sale in the period in which all of the following criteria are met: - a. Management, having the authority to approve the action, commits to a plan to sell the asset...
AI summary The document discusses the classification of long-lived assets held for sale based on specific criteria, including management commitment, availability for sale, active marketing, and the likelihood of a sale within one year. These criteria are outlined in accordance with accounting standards.
POLICY 08 Assets that are not used and not expected to be used in the foreseeable future should be retired from plant in service. 2
AI summary The text discusses the policy of retiring assets that are not used and not expected to be used in the foreseeable future from plant in service.
UNBILLED REVENUE RECEIVABLE - 6650
AI summary The document discusses the Unbilled Revenue Receivable (6650) under Nova Scotia Power Inc. (NSPI), focusing on revenue recognition and accounting standards related to unbilled revenue. It involves financial accounting practices and regulatory considerations.
06100Compliance Filing - Accounting Policy and Procedures Manual 1/11/2011
10 passages
09 Other Financing Charges The Company expenses related banking costs in the month in which they occur. Stand by fees and letters of credit fees are expensed monthly. Credit facility fees are expensed over the period to which they relate.
AI summary The Company expenses banking costs, including standby fees, letters of credit fees, and credit facility fees, in the month they occur or over the relevant period. This approach aligns with standard accounting practices for such expenses.
CONSTRUCTION WORK IN PROGRESS - 6200 - k. Set up the capital work order in CWIP; - l. Summarize and control charges; - m. Change status of work order from CWIP to Operational ("OPS") when asset goes in service and is being used to generate...
AI summary The document outlines procedures for managing construction work in progress (CWIP), including setting up capital work orders, controlling charges, transitioning assets to operational status, finalizing costs, and depreciating or retiring assets once projects are complete.
DEFINITION An asset retirement obligation is an obligation associated with the retirement of a tangible longlived asset that an entity is required to settle as a result of an existing or enacted law, statute, ordinance, or written or oral...
AI summary An asset retirement obligation refers to the legal responsibility of an entity to retire a tangible long-lived asset, as mandated by laws, contracts, or legal interpretations such as promissory estoppel.
PROPERTY, PLANT AND EQUIPMENT REDUNDANT ASSETS - 6340
AI summary The document discusses the topic of Property, Plant, and Equipment, specifically focusing on Redundant Assets under the category 6340. It includes a reference to a picture on page 98, but no detailed information is provided in the text.
PROCEDURE Assets that are identified as being redundant are evaluated to assess whether they should be returned to inventory, retired 2 or transferred to another location 3 . & lt;sup>1 Please refer to NSPI Accounting Policy and Procedures...
AI summary The document outlines the procedure for evaluating redundant assets, determining whether they should be returned to inventory, retired, or transferred to another location, with references to specific accounting policy manuals for further details.
POLICY - 05 Assets that are not both used and useful should be classified in one of the following categories: - a. Not used and not useful; - b. Not used but useful for standby purposes; or - c. Not used but useful for future service.
AI summary The text outlines the classification of assets that are not both used and useful, specifying three categories: not used and not useful, not used but useful for standby purposes, and not used but useful for future service.
LONG LIVED ASSETS TO BE DISPOSED OF BY SALE – 6360
AI summary The document discusses the disposal of long-lived assets through sale, likely involving regulatory considerations and accounting standards relevant to Nova Scotia Power and the Utility and Review Board.
RETIREMENT AND DISPOSAL OF CAPITAL ASSETS - 6420
AI summary The document discusses the retirement and disposal of capital assets, focusing on accounting standards, asset management, and financial considerations related to capital expenditures and asset retirement obligations.
GAIN OR LOSS ON DISPOSITION OF CAPITAL ASSETS - 6440
AI summary The document focuses on the gain or loss on the disposition of capital assets, likely involving financial accounting and asset management practices relevant to utility companies in Nova Scotia.
POLICY 04 The Company should invest excess cash balances in short-term investment instruments so that interest income is maximized. - 05 The Treasurer or their designate is responsible for reviewing the Company's cash position on a daily b...
AI summary The Company is required to invest excess cash balances in short-term instruments to maximize interest income. The Treasurer or their designate reviews the cash position daily and considers factors like surplus amount, future cash needs, and prevailing rates before making investment decisions. Bids from at least two money market dealers are solicited to secure the most competitive rate, which is compared to the rates from the Business Investment Account. Interest income is credited accordingly.
06394Board Order 2/16/2011
7 passages
APPLICATION - 03 After the separation of the regulated utility business of Nova Scotia Power Inc. ("NSPI") and the other businesses of Emera Inc. 1 , NSPI segregated its financial data from its affiliates using the "Multi-Org" functionalit...
AI summary NSPI has segregated its financial data from affiliates using Oracle's 'Multi-Org' functionality, creating a separate account structure. This allows for better financial tracking, decentralization of tasks, and integration of the database for streamlined purchasing and accounting processes.
06 Long-term Debt - Interest Expense Long-term debt interest expense includes interest on Nova Scotia Power Inc. ("NSPI") debentures and medium term notes. Interest expense is accrued monthly based on a 30-day months whether interest payme...
AI summary The interest expense for long-term debt includes interest on NSPI debentures and medium-term notes, accrued monthly based on a 30-day month, regardless of annual or semi-annual payment schedules. Actual payments are recorded in the accrued interest account.
PROPERTY, PLANT AND EQUIPMENT REDUNDANT ASSETS - 6340
AI summary The document discusses Property, Plant, and Equipment related to redundant assets under the category 6340. It includes an image reference but no detailed textual analysis or discussion of the topic.
DEFINITION 01 A redundant asset is one that is no longer required at a specific location, or has become excess by virtue of technology, system changes, etc., and is no longer used and useful at this location.
AI summary A redundant asset is defined as an asset that is no longer required at a specific location or has become excess due to technological or system changes, making it no longer useful at that location.
LONG LIVED ASSETS TO BE DISPOSED OF BY SALE - 6360
AI summary The document discusses the disposal of long-lived assets through sale, likely involving accounting and regulatory considerations related to asset management and financial reporting.
RETIREMENT AND DISPOSAL OF CAPITAL ASSETS - 6420
AI summary The document discusses the retirement and disposal of capital assets, including accounting standards, asset management, and related financial mechanisms. It highlights the importance of proper accounting practices and regulatory oversight in managing capital assets.
DEFINITION - 01 Inventories include the following significant categories: - a. thermal materials; - b. transmission and distribution materials; and - c. fuel.
AI summary The document defines inventories, categorizing them into thermal materials, transmission and distribution materials, and fuel. These categories are significant for accounting and operational purposes.