[Code of Federal Regulations]
[Title 49, Volume 8]
[Revised as of October 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 49CFR1200.2]

[Page 7]
 
                        TITLE 49--TRANSPORTATION
 
 CHAPTER X--SURFACE TRANSPORTATION BOARD, DEPARTMENT OF TRANSPORTATION 
                               (Continued)
 
PART 1200_GENERAL ACCOUNTING REGULATIONS UNDER THE INTERSTATE COMMERCE 
ACT--Table of Contents
 
Sec. 1200.2  Adoption of generally accepted accounting principles issued 
by the Financial Accounting Standards Board (FASB).

    (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]

[[Page 8]]