Russ Wasson, National Rural Electric Cooperative Assn., (and National Director in the Electric Co-op Chapter) writes, "Even though we are not currently subject to IFRS, electric cooperatives have had some concern because of the lack of an SFAS 71 type standard in IFRS. Note that the Exposure Draft (list links) contains the following:

Question 3 - Deemed cost for operations subject to rate regulation. The exposure draft proposes an exemption for an entity with operations subject to rate regulation. Such an entity could elect to use the carrying amount of items of property, plant and equipment held, or previously held, for use in such operations as their deemed cost at the date of transition to IFRSs if both retrospective restatement and using fair value as deemed cost are impracticable (as defined in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors).

This exemption, if it is adopted, would ensure that we could start under a new IFRS regime at the values we currently carry on our books if retrospective restatement and measurement at fair value were deemed to be impractical. There may not, however, be any provision for SFAS 71 deferrals going forward unless the IFRS adopts such a change.

You might also be interested in Question 4 on Leasing as well.