[Code of Federal Regulations]
[Title 47, Volume 2]
[Revised as of October 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 47CFR32.1]

[Page 393]
 
                       TITLE 47--TELECOMMUNICATION
 
                    CHAPTER I--FEDERAL COMMUNICATIONS
                         COMMISSION (CONTINUED)
 
PART 32--UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS COMPANIES--Table of Contents
 
                           Subpart A--Preface
 
Sec. 32.1  Background.


    The revised Uniform System of Accounts (USOA) is a historical 
financial accounting system which reports the results of operational and 
financial events in a manner which enables both management and 
regulators to assess these results within a specified accounting period. 
The USOA also provides the financial community and others with financial 
performance results. In order for an accounting system to fulfill these 
purposes, it must exhibit consistency and stability in financial 
reporting (including the results published for regulatory purposes). 
Accordingly, the USOA has been designed to reflect stable, recurring 
financial data based to the extent regulatory considerations permit upon 
the consistency of the well established body of accounting theories and 
principles commonly referred to as generally accepted accounting 
principles.