No. 32153 (SUB-NO. 3) UNIFORM SYSTEM OF ACCOUNTS FOR RAILROAD (49 C.F.R. 1201) Decided November 10, 1972 Proposed revision of accounting regulations prescribed to become effective January 1, 1972. W. F. Betts for railroad replicants. REPORT AND ORDER OF THE COMMISSION DIVISION 2, COMMISSIONERS BROWN, DEASON, AND GRESHAM BY THE DIVISION: On July 29, 1972, Notice of Proposed Rulemaking and Order was published in the Federal Register (37 F.R. 15322) advising all interested parties that the Commission had under consideration a proposal of the Accounting Division of the Association of American Railroads, on behalf of the railroads, to amend the Uniform System of Accounts for Railroad Companies so as to provide for the recording of settlements for the net balances of bills exchanged between rail carriers for interline switching, car repairs, loss and damage freight claims, and overcharge claims. Statements of facts, views, and arguments were submitted by interested parties. Having considered these in the light of the nature, scope, and purpose of the proposed amendments, we conclude that the amendments should be adopted as proposed. We find that the revision of the Commission's accounting regulations reflected in the appendix here to should be approved and adopted to become effective January 1, 1972. It has previously been determined that this action has no significant environmental impact. An appropriate order will be entered. 343 I.C.C. APPENDIX I. List of General Balance Sheet Accounts Amended Item No. 1. Line item "705 Traffic and Car-Service Balances-Dr." is revised to read: 705 Traffic, Car Service and Other Balances-Dr. Item No. 2. Line item "752 Traffic and Car-Service Balances-Cr." is revised to read: 752 Traffic, Car Service and Other Balances-Cr. II. Texts of Balance Sheet Accounts Revised Item No. 1. Account 705 Traffic and Car-Service Balances-Dr. The title, text, and notes of this account are revised to read as follows: 705 Traffic, Car Service and Other Balances-Dr. (a) This account shall include the net of the balances receivable from or payable to other companies representing items such as interline freight, passenger, switching, and baggage revenues, charges for equipment interchanged on a per diem or mileage basis, and charges for car repairs, loss and damage freight claims, and overcharge claims, when the balances result in a net debit. (b) The amount to be entered in this account in the carrier's annual report to the Commission shall be stated in accordance with the text of this account. For convenience in accounting the carrier may maintain separate subaccounts to reflect the balances applicable to the respective items. See instruction 1-3(d). NOTE: When the net of the balances is a credit, it shall be included in account 752, "Traffic, Car Service and Other Balances-Cr." Item No. 2. Account 752 Traffic and Car-Service Balances-Cr. The title, text, and notes of this account are revised to read as follows: 752 Traffic, Car Service and Other Balances-Cr. (a) This account shall include the net of the balances receivable from or payable to other companies representing items such as interline freight, passenger, switching and baggage revenues, charges for equipment interchanged on a per diem or mileage basis, and charges for car repairs, loss and damage freight claims, and overcharge claims, when the balances result in a net credit. (b) The amount to be entered in this account in the carrier's annual report to the Commission shall be stated in accordance with the text of this account. For convenience in accounting the carrier may maintain separate subaccounts to reflect the balances applicable to the respective items. See instruction 1-3(d). NOTE: When the net of the balances is a debit, it shall be included in account 705, "Traffic, Car Service and Other Balances-Dr." III. Form of Balance Sheet Statement Amended 799 "Form of General Balance Sheet Statement." is amended as follows: Item No. 1. Under "Current assets" line item "705. Traffic and Car-Service Balances-Dr." is revised to read: 705. Traffic, Car Service and Other Balances-Dr. Item No. 2. Under "Current liabilities" line item "752. Traffic and Car-Service Balances-Cr." is revised to read: 752. Traffic, Car Service and Other Balances-Cr. 343 I.C.C. |