Goto Section: 32.12 | 32.14 | Table of Contents
FCC 32.13
Revised as of October 1, 2008
Goto Year:2007 |
2009
Sec. 32.13 Accounts—general.
(a) As a general rule, all accounts kept by reporting companies shall
conform in numbers and titles to those prescribed herein. However, reporting
companies may use different numbers for internal purposes when separate
accounts (or subaccounts) maintained are consistent with the title and
content of accounts and subaccounts prescribed in this system.
(1) A company may subdivide any of the accounts prescribed. The titles of
all such subaccounts shall refer by number or title to the controlling
account.
(2) A company may establish temporary or experimental accounts without prior
notice to the Commission.
(b) Exercise of the preceding options shall be allowed only if the integrity
of the prescribed accounts is not impaired.
(c) As of the date a company becomes subject to the system of accounts, the
company is authorized to make any such subdivisions, reclassifications or
consolidations of existing balances as are necessary to meet the
requirements of this system of accounts.
(d) Nothing contained in this part shall prohibit or excuse any company,
receiver, or operating trustee of any carrier from subdividing the accounts
hereby prescribed for the purpose of:
(1) Complying with the requirements of the state commission(s) having
jurisdiction; or
(2) Securing the information required in the prescribed reports to such
commission(s).
(e) Where the use of subsidiary records is considered necessary in order to
secure the information required in reports to any state commission, the
company shall incorporate the following controls into their accounting
system with respect to such subsidiary records:
(1) Subsidiary records shall be reconciled to the company's general ledger
or books of original entry, as appropriate.
(2) The company shall adequately document the accounting procedures related
to subsidiary records.
(3) The subsidiary records shall be maintained at an adequate level of
detail to satisfy state regulators.
[ 51 FR 43499 , Dec. 2, 1986, as amended at 65 FR 16334 , Mar. 28, 2000; 67 FR 5679 , Feb. 6, 2002]
Goto Section: 32.12 | 32.14
Goto Year: 2007 |
2009
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