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 Financial Accounting Standards
   Board  or  successor authoritative accounting standard-setting groups,
   in  a manner consistent with generally accepted accounting principles.
   The change in an 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. Any change adopted shall be disclosed in annual reports
   required by Sec. 43.21(f) of this chapter in the year of adoption.

   (b) The changes in accounting standards which this Commission approves
   will  not  necessarily  be  binding on the ratemaking practices of the
   various state commissions.

   [ 51 FR 43499 , Dec. 2, 1986, as amended at  64 FR 50007 , Sept. 15, 1999;
    67 FR 5679 , Feb. 6, 2002]