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Impact of New Accounting Standards and Interpretations (Text Block)
 3 Months Ended
Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract]  
Accounting Standards Update and Change in Accounting Principle Impact of New Accounting Standards and Interpretations     
The following are accounting standard updates issued by the Financial Accounting Standards Board that TVA adopted during 2024:
Accounting for Contract Assets and Contract Liabilities from Contracts with Customers
Description
This guidance requires an entity (acquirer) to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with revenue with customers. It is expected that an acquirer will generally recognize and measure acquired contract assets and contract liabilities in a manner consistent with how the acquiree recognized and measured contract assets and contract liabilities in the acquiree’s financial statements. The entity should apply the standard prospectively to business combinations occurring on or after the effective date of the standard.
Effective Date for TVA
TVA adopted the standard on October 1, 2023, on a prospective basis.
Effect on the Financial Statements or Other Significant MattersAdoption of this standard did not have a material impact on TVA's financial condition, results of operations, or cash flows.
Troubled Debt Restructurings and Vintage Disclosures
Description
This guidance eliminates the recognition and measurement guidance on troubled debt restructuring for creditors that have adopted Financial Instruments-Credit Losses and requires enhanced disclosures about loan modifications for borrowers experiencing financial difficulty. Additionally, the guidance requires public business entities to present current-period gross write-offs by year of origination in their vintage disclosures. The entity should apply the standard prospectively except for the transition method related to the recognition and measurement of troubled debt restructuring. For the transition method, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption.
Effective Date for TVA
TVA adopted the standard on October 1, 2023, on a prospective basis.
Effect on the Financial Statements or Other Significant MattersAdoption of this standard did not have a material impact on TVA's financial condition, results of operations, or cash flows.
The following accounting standard has been issued but as of December 31, 2023, was not effective and has not been adopted by TVA:
Improvements to Reportable Segment Disclosures
DescriptionThis guidance improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment requires a public entity to disclose, on an annual and interim basis, significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit and loss. It also requires a public entity that has a single reportable segment to provide all of the disclosures required by the amendment and all existing segment disclosures. The amendment is effective for public entities for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The amendment should be adopted retrospectively unless it is impracticable to do so. Upon adoption, a public entity will adopt the amendment as of the beginning of the earliest period presented.
Effective Date for TVA
October 1, 2024
Effect on the Financial Statements or Other Significant MattersTVA is currently reviewing and evaluating this standard. TVA does not expect the adoption of this standard to have a material impact on TVA's financial condition, results of operations, or cash flows.