[Code of Federal Regulations]
[Title 47, Volume 2]
[Revised as of October 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 47CFR32.16]

[Page 392]
 
                       TITLE 47--TELECOMMUNICATION
 
        CHAPTER I--FEDERAL COMMUNICATIONS COMMISSION (CONTINUED)
 
PART 32_UNIFORM SYSTEM OF ACCOUNTS FOR TELECOMMUNICATIONS
COMPANIES--Table of Contents
 
                     Subpart B_General Instructions
 
Sec. 32.16  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 an accounting standard will automatically take 
effect 90 days after the company informs this Commission of its 
intention to follow the new standard, unless the Commission notifies the 
company to the contrary. Any change adopted shall be disclosed in annual 
reports required by Sec. 43.21(f) of this chapter in the year of 
adoption.
    (b) The changes in accounting standards which this Commission 
approves will not necessarily be binding on the ratemaking practices of 
the various state commissions.

[51 FR 43499, Dec. 2, 1986, as amended at 64 FR 50007, Sept. 15, 1999; 
67 FR 5679, Feb. 6, 2002]