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Impact of New Accounting Standards and Interpretations (Text Block) | 6 Months Ended
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Mar. 31, 2024
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 Matters | Adoption 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 Matters | Adoption of this standard did not have a material impact on TVA's financial condition, results of operations, or cash flows.
The following accounting standards or rules have been issued but as of March 31, 2024, were not effective and have not been adopted by TVA:
Improvements to Reportable Segment Disclosures
Description | This 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. Upon adoption, a public entity should apply the amendments retrospectively to all prior periods presented in the financial statements.
Effective Date for TVA | Fiscal years beginning October 1, 2024 and interim periods beginning October 1, 2025.
Effect on the Financial Statements or Other Significant Matters | The adoption of this standard will not have an impact on TVA's financial condition, results of operations, or cash flows. TVA is currently evaluating the impact of any increased segment disclosures.
Enhancement and Standardization of Climate-Related Disclosures for Investors
Description | In March 2024, the SEC adopted its climate-related final rules (SEC Release No. 34-99678, The Enhancement and Standardization of Climate-Related Disclosures for Investors), and in April 2024, the SEC voluntarily stayed the new rules as a result of pending legal challenges. The new rules, if implemented as adopted, will require registrants to provide certain climate-related information in their annual reports and registration statements and will also require the dollar impact of severe weather events and other natural conditions, as well as amounts related to carbon offsets and renewable energy credits or certificates, to be disclosed in the audited financial statements in certain circumstances. The disclosure requirements are currently expected to begin phasing in for fiscal years beginning on or after January 1, 2027 for non-accelerated filers.
Effective Date for TVA | Fiscal year beginning October 1, 2027.
Effect on the Financial Statements or Other Significant Matters | TVA is currently evaluating the impact of the rule on its disclosures.

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