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IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended
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Mar. 31, 2020
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] |
IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS | Table of Contents NOTE 13 - IMPACT OF RECENT ACCOUNTING PRONOUNCEMENTS In June 2016, the FASB issued new guidance on the measurement of credit losses on financial instruments, to provide financial statement users with more information about expected credit losses on financial instruments. The guidance revises the incurred loss impairment methodology to reflect current expected credit losses and requires consideration of a broader range of information to estimate credit losses. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. For the Company, this standard is primarily applicable to accounts receivable balances. The company’s credit losses on accounts receivable is minimal since we mitigate our exposure by discontinuing services in the event of non-payment, however, due to the COVID-19 pandemic causing hardships for many utility customers, state government agencies issued executive orders requiring utility companies to take a number of steps to support their customers and communities, including prohibiting service disconnections for non-payment and prohibiting late fees. The Company anticipates a longer receivable cycle and the need for increased reserves for bad debt compared to 2019. The MDPSC issued an order authorizing utilities deferred regulatory treatment for incremental costs related to COVID-19, which includes increased bad debt expense. The Company anticipates the DEPSC will issue a similar order. Management is monitoring the situation and as of March 31, 2020, no significant adjustment has been made.

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- Definition The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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