Goto Section: 32.1 | 32.2 | Table of Contents
Revised as of August 19, 2019
Goto Year:2018 |
§ 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 (GAAP). The rules of this part, and any other
rules or orders that are derivative of or dependent on the rules in
this part, do not apply to price cap companies, and rate-of-return
telephone companies offering business data services pursuant to § 61.50
of this chapter, that have opted-out of USOA requirements pursuant to
the conditions specified by the Commission in § 32.11(g).
[ 83 FR 67121 , Dec. 28, 2018]
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Goto Section: 32.1 | 32.2
Goto Year: 2018 |
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