Sec. 661.6. Changes in accounting standards

(a) The company's records and accounts shall be adjusted to apply new accounting standards prescribed by the financial accounting standards board or successor authoritative accounting standard-setting groups, in a manner consistent with generally accepted accounting principles. The change in accounting standard will automatically take effect 150 days after the company informs this commission of its intention to follow the new standard, unless the commission notifies the company to the contrary. Concurrent with informing the director of the Office of Accounting and Finance of its intent to adopt an accounting standards change, the company shall also file a revenue requirement study for the current year and a projection for three years into the future analyzing the effects of the accounting standards change. Furthermore, any change subsequently adopted shall be disclosed in annual reports to this commission.