§ 32.1   Background.

   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). The rules of this part, and any other
   rules or orders that are derivative of or dependent on the rules in
   this part, do not apply to price cap companies, and rate-of-return
   telephone companies offering business data services pursuant to § 61.50
   of this chapter, that have opted-out of USOA requirements pursuant to
   the conditions specified by the Commission in § 32.11(g).

   [ 83 FR 67121 , Dec. 28, 2018]

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