Goto Section: 32.1 | 32.2 | Table of Contents
Revised as of January 22, 2019
Goto Year:2018 |
§ 32.1 Background.
Link to an amendment published at 83 FR 67121 , Dec. 28, 2018.
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). Price cap companies that have opted-out
of USOA requirements pursuant to the conditions specified by the
Commission in § 32.11(g) are relieved of the rules of this part in their
entirety, including any other rules or orders that are derivative of or
dependent on the rules in this part.
[ 82 FR 20840 , May 4, 2017]
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Goto Section: 32.1 | 32.2
Goto Year: 2018 |
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