Illinois Administrative Code (Last Updated: March 27, 2024) |
TITLE83. PUBLIC UTILITIES |
PART650. UNIFORM SYSTEM OF ACCOUNTS FOR SEWER UTILITIES |
SUBPARTB. ADDITIONS TO AND DELETIONS FROM NARUC UNIFORM SYSTEM OF ACCOUNTS |
§650.130. Accounting Instruction 22
Latest version.
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In Accounting Instruction 22, "Utility Plant - Accounting for Capital and Operating Leases," delete Paragraph B and replace with the following:
"B. If the amount of the lease is material, then it will be recorded as a capital lease or as an operating lease as may be applicable. Materiality is defined as the magnitude of an omission or misstatement of accounting information that, in light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement."