Water Well Journal
Issue link: http://read.dmtmag.com/i/440561
to 3.5 million barrels per day in 2030, the report said. Diesel demand will be strongly af- fected by new fueling options, shifts in fuel usage, and improved efficiencies in both light- and heavy-duty applications and in industrial applications, the study said. The report is available for download at www.fuelsinstitute.org. FMCSA Seeks States to Correct CDL Deficiencies T ransport Topics reports the Federal Motor Carrier Safety Administra- tion announced its intention to require states to submit plans addressing defi- ciencies identified in a recent federal audit of their commercial driver license programs. The information collection request (ICR) will be open for public comment for 60 days and is subject to White House approval. "The ICR is needed to ensure states are complying with notification and recordkeeping requirements for information related to testing, licens- ing, violations, convictions and disquali- fications, and that the information is accurate, complete, and transmitted and recorded within certain time periods", FMCSA said in a November 13 Federal Register notice. States will be required to complete a CDL program plan by September 30, 2015. Wisconsin Water Use Drops Again After 2012 Drought The Wisconsin Department of Natu- ral Resources reports total statewide withdrawals exceeded 2.12 trillion gal- lons of water from more than 14,000 wells, ponds, streams, rivers, and lakes in 2013. This amount is roughly enough water to cover the surface area of Wis- consin in nearly two inches of water. The total 2013 withdrawals were down 6.1% from 2012. Monthly withdrawal volumes typi- cally vary throughout the year following temperature and precipitation patterns. Withdrawals decreased in most cate- gories as temperatures and precipitation stabilized from the extreme weather events in 2012. Municipal water demand and cooling water demand for power and paper pro- duction increases with the heat of sum- mer. Agricultural irrigation withdrawals in July were down 32% from 50 billion gallons in 2012 to 34 billion gallons in 2013. Cranberry production withdrawals were down 84% in March from 7.4 bil- lion gallons in 2012 to 1.2 billion gal- lons in 2013 as temperatures stabilized after the record March heat in 2012. Minnesota DNR Settles Lawsuit over White Bear Lake Water Lev- els Minnesota Public Radio reports the Minnesota Department of Natural Re- sources on December 1, 2014 agreed to support efforts to restore water levels in White Bear Lake to settle a two-year- old lawsuit brought by the White Bear Lake Restoration Association and White Bear Lake Homeowners Association. But although the settlement gives both sides a solution they support, the Minnesota Legislature must consent to the plan. The two associations claim the DNR allowed nearby cities to pump too much groundwater from the aquifer connected to the lake. As part of the settlement, the DNR will support legislative proposals to fund the feasibility, design, and construc- tion of a system connecting six nearby cities to surface water to relieve pres- sure on the Prairie du Chien-Jordan aquifer. The lawsuit will not be dismissed until such a system is in place, attorneys say in a statement. "This is a historic change in how we manage water in Minnesota," says attor- ney Katie Crosby Lehmann, an attorney for the plaintiffs. "We know there are problems underneath we can't see. There are problems in the groundwater and now it's time to invest in our future and act on those." DNR Assistant Commissioner Barb Naramore says the settlement will help advance "long-term water sustainabil- ity" in the north and east suburbs of the Twin Cities metro area, but she said agency officials continue to disagree with the plaintiffs on what led to the lake's decline. She noted that the lake's level is within the historic range and agency experts believe climate is the primary driver for low levels, not groundwater pumping. WWJ January 2015 11 Twitter @WaterWellJournl If you are the owner, CFO, or direc- tor of bookkeeping for a groundwater contracting firm, you need to be aware of the new revenue recognition rules in- tended to create improved consistency, contract comparability, and simplified statement preparation. The new rules, issued by the group overseeing how accounting in practices (generally accepted accounting prac- tices) in the United States align with in- ternational financial reporting standards, will require changes in many business practices. For example, there will be more disclosures required, modifications to how change orders are accounted for, impacts to contract prices by so-called "transaction prices," and how accounts receivable may transition to "unbilled accounts receivable," to list just a few. You'll need to work with your clients to make certain they are aware of what these changes mean to their business with your firm. And of course, these accounting changes will need to create changes in your business' internal oper- ations that will, in turn, require devotion of company resources to training and communication of what the changes mean. This is an opportunity to optimize your current revenue recognition prac- tices for consistency, comparability, and usefulness throughout your business. Work with your financial adviser who will help you navigate your unique challenges. —By Kent Beachy, CPA, CIT, CCIFP Rea & Associates Inc. Rea & Associates is a regional account- ing and business consulting firm in Columbus, Ohio, that is the auditor of the National Ground Water Association. Ready or Not: New Revenue Recognition Rules Are Coming