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

[[Page 412]]

Financial Accounting Standards Board or successor authoritative 
accounting standard-setting groups, in a manner consistent with 
generally accepted accounting principles. Commission approval of a 
change in 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. Concurrent with informing this Commission of its intent to 
adopt an accounting standards change, the company shall also file a 
revenue requirement study for the current year and a projection for 
three years into the future analyzing the effects of the accounting 
standards change. Furthermore, any change subsequently adopted shall be 
disclosed in annual reports to this Commission.
    (b) The changes in accounting standards which this Commission 
approves will not necessarily be binding on the ratemaking practices of 
the various state commissions.