49 C.F.R. PART 1200—GENERAL ACCOUNTING REGULATIONS UNDER THE INTERSTATE COMMERCE ACT
Title 49 - Transportation
Authority: 49 U.S.C. 721, 11142, 11143, 11144, 11145.
Carriers desiring to do so may prepare and publish financial statements in reports to stockholders and others, except in reports to this Board, based on generally accepted accounting principles for which there is authoritative support, provided that any variance from this Board's prescribed accounting rules contained in such statements is clearly disclosed in footnotes to the statements. [32 FR 20123, Dec. 20, 1967] (a) Accounting Series Circulars. Following the release of a Statement of Financial Accounting Standards by the FASB, and provided that the Office of Economics, Environmental Analysis, and Administration of the Board considers such standards appropriate for the Board's accounting regulations, the Office of Economics, Environmental Analysis, and Administration shall issue an Accounting Series Circular (ASC) requiring carriers under the Board's jurisdiction to follow the new standards in their accounts and reports filed with the Board. The Office shall also specify in the ASC the proper accounting procedures that the carriers shall follow. (b) Carriers' and Interested Parties' Comments on the ASC. The ASC issued by the Office of Economics, Environmental Analysis, and Administration will remain effective until revoked by the Office of Economics, Environmental Analysis, and Administration. After an ASC is issued, the Office of Economics, Environmental Analysis, and Administration shall allow carriers and interested parties 45 days following the service date of the ASC during which the respondents may submit to the Office their comments and reasons either supporting or opposing the ASC. (c) Formal Adoption of the New Accounting Standards. After considering the comments submitted in response to the ASC, and based on the proposal of the Office of Economics, Environmental Analysis, and Administration, the Board will decide whether or not to adopt the new accounting standards specified in the ASC by revising the Uniform Systems of Accounts, (49 CFR 1201 through 1210). (d) Accounting Standards Not Appropriate for Board's Use. The Office of Economics, Environmental Analysis, and Administration may determine that a new FASB Statement of Financial Accounting Standards is not appropriate for use by carriers under the Board's jurisdiction. In such instances, the Office shall issue an ASC to advise the carriers that the new standards shall not be used in their reports filed with the Board. The carriers and interested parties shall be allowed 45 days following the ASC's service date to submit comments to the Board. The Board will then determine whether or not to revise the Uniform Systems of Accounts to conform to the new accounting standards. [43 FR 26314, June 19, 1978, as amended at 67 FR 57533, Sept. 11, 2002]
Title 49: Transportation
PART 1200—GENERAL ACCOUNTING REGULATIONS UNDER THE INTERSTATE COMMERCE ACT
Section Contents
§ 1200.1 Financial statements released by carriers.
§ 1200.2 Adoption of generally accepted accounting principles issued by the Financial Accounting Standards Board (FASB).
§ 1200.1 Financial statements released by carriers.
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§ 1200.2 Adoption of generally accepted accounting principles issued by the Financial Accounting Standards Board (FASB).
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