CROSS REFERENCES Field inventories of property of pipe line companies: See Part 159. INTRODUCTION Section 20.00-1 Order of the Commission. It is ordered that (a) The Uniform System of Accounts for Pipe-Line Companies with the text pertaining thereto, embodied in printed form to be hereafter known as First Revised Issue, a copy of which is incorporated herewith, be, an dthe same is hereby, approved; a copy thereof duly authenticated by the Secretary of the Commission be filed in its archives, and a second copy thereof, in like manner authenticated, in the office of the Bureau of Accounts; and each of said copies so authenticated and filed shall be deemed an original record thereof. (b) The said Uniform System of Accounts for Pipe-Line Companies with the text pertaining thereto, be, and the same is hereby, prescribed for the use of pipe-line companies, subject to the provisions of the Interstate Commerce Act, in the keeping and recording of their accounts; each and every such carrier and each and every receiver or operating trustee of any such carrier be required to keep all accounts in conformity therewith; and a copy of the said First Revised Issue be sent to each and every such carrier and to each and every receiver or operating trustee of any such carrier. (c) In order that the basis of comparison with previous years be not destroyed, any such carrier or any receiver or operating trustee of any such carrier may, during the 12 months from the time that the said First Revised Issue becomes effective, keep and maintain, in addition to the accounts hereby prescribed, such portion or portions of its present accounts as may be deemed desirable by any such carrier, or by any receiver or operating trustee thereof, for the purpose of such comparison; or, during the same period, may maintain such groupings of the primary accounts hereby prescribed as may be desired for that purpose. (d) Any such carrier or any receiver or operating trustee of any such carrier, in addition to the accounts hereby prescribed, may unless otherwise ordered, keep any temporary or experimental accounts the purpose of which is to develop the efficiency of operation: Provided, however, That such temporary or experimental accounts shall not impair the integrity of any primary account hereby prescribed. (e) Any such carrier or receiver or operating trustee of any such carrier, may subdivide the accounts hereby prescribed to the extent necessary to secure the information required in the prescribed reports to commissions having jurisdiction. (f) The date on which the said First Revised Issue of the Uniform System of Accounts shall become effective is hereby fixed on January 1, 1935.* [Order adopting Uniform system of accounts for pipe-line companies, ICC, Nov. 16, 1934] *88 20.00-1 to 20.804, inclusive, issued under authority contained in sec. 20, 24 Stat. 386, sec. 7, 34 Stat. 593, sec. 435, 41 Stat. 493; 49 U.S.C. 20 (5). Page 455 20.00-2 Introductory letter to pipe-line companies. This Uniform System of Accounts for Pipe-Line Companies will supersede the System of Accounts for Pipe-Line Companies, effective January 1, 1915. Under the Interstate Commerce Act, the observance of the rules and regulations stated in this system of accounts becomes obligatory upon persons having direct charge of the accounts of the companies concerned, and such persons will be held responsible for their proper application. Paragraph 6 of the twentieth section of the Interstate Commerce Act, Sec. 7, 34 Stat. 593; Sec. 436, 41 Stat. 494; 49 U.S.C. 20 (6) provides that: In case of failure or refusal on the part of any such carrier, receiver, or trustee to keep such accounts, records, and memoranda on the books and in the manner prescribed by the Commission, or to submit such accounts, records, and memoranda as are kept to the inspection of the Commission or any of its authorized agents or examiners, such carrier, receiver, or trustee shall forfeit to the United States the sum of five hundred dollars for each such offense and for each and every day of the continuance of such offense, such forfeitures to be recoverable in the same manner as other forfeitures provided for in this Act. In formulating this system of accounts, this Bureau enlisted the cooperation of State commissions and of pipe-line companies. All suggestions and criticisms of these parties have been given most careful consideration. Many of the suggestions have been incorporated in these accounting rules. This Bureau will be glad to give consideration promptly to all questions arising with regard to the correct interpretation of this system of accounts which are presented to it by the officers in charge of accounts of pipe-line companies.* [Introductory letter to Uniform system of accounts for pipe-line companies, ICC, Nov. 16, 1934] GENERAL INSTRUCTIONS 20.01-1 Records. (a) The carrier's records shall be kept with sufficient particularity to show fully the facts pertaining to all entries in these accounts. (b) Where the full information is not recorded in the general books the entries therein shall be supported by other records in which the full details shall be shown and the general-book entries shall contain sufficient reference to the detail records to permit ready identification. (c) The detail records shall be filed in such manner as to be readily accessible for examination by representatives of this Commission. (d) Attention is directed to the following extract from section 20 of the Interstate Commerce Act: Any person who shall willfully make any false entry in the accounts of any book of accounts or in any record or memoranda kept by a carrier, or who shall willfully destroy, mutilate, alter, or by any other means or device falsify the record of any such account, record, or memoranda, or who shall willfully neglect or fail to make full, true, and correct entries in such accounts, records, or memoranda of all facts and transactions appertaining to the carrier's busi Page 456 *For statutory citation, see note to § 20.00-1. ness, or shall keep any other accounts, records, or memoranda than those prescribed or approved by the Commission, shall be deemed guilty of a misdemeanor, and shall be subject, upon conviction, in any court of the United States of competent jurisdiction, to a fine of not less than one thousand dollars nor more than five thousand dollars or imprisonment for a term not less than one year nor more than three years, or both such fine and imprisonment: Provided, That the Commission may in its discretion issue orders specifying such operating, accounting, or financial papers, records, books, blanks, tickets, stubs, or documents of carriers which may, after a reasonable time, be destroyed, and prescribing the length of time such books, papers, or documents shall be preserved. The Commission's order specifying records which may be destroyed is contained in its "Regulations to Govern the Destruction of Records." (e) Accounts which are clearly summaries of other accounts prescribed herein (for example, account No. 55, "Funded debt unmatured," which summarizes the balances in the several funded debt accounts) are not required to be kept in the carrier's books. The assignments to primary accounts for "Carrier property," "Operating revenues,' and "Operating expenses," between the accounts for "Gathering lines," and "Trunk lines," and "General," or "General clearing accounts," shall be in accordance with the numbers shown on pages 36, 51, and 52, respectively.21a All accounts kept shall conform in numbers and titles to those prescribed herein, except that: (1) Carriers may subdivide any of the accounts, provided such subdivisions do not impair the integrity of the accounts prescribed. (2) The titles of all such subdivisions or subaccounts shall refer by number or title to the accounts of which they are subdivisions. (3) When subaccounts are thus kept, it is not required that the main accounts of which they are subdivisions also shall be kept in the carrier's books. (4) Clearing accounts, in addition to those prescribed herein, may be kept when necessary in making the proper distribution of items to the appropriate primary accounts. (5) As of the effective date of this system of accounts, the several accounts prescribed herein shall be opened by appropriately transferring thereto the balances carried in the accounts previously maintained by the carrier. (6) The carrier is permitted for code or other purposes to prefix or suffix to the account numbers prescribed herein, letter or number designations providing that such additions do not impair the integrity of the prescribed account numbers. (7) The carrier is authorized to make such subdivisions, reclassifications, or consolidations of such balances as are necessary to meet the requirements of this system of accounts. (8) Temporary or experimental accounts may be kept in addition to the accounts prescribed herein for the purpose of developing the efficiency of operations, etc., provided such accounts do not impair the integrity of any accounts provided herein. (f) The accounts for each month shall be recorded currently. The indicated pages may be found in Uniform System of Accounts for Pipe Line Companies, published by the Interstate Commerce Commission. Page 457 |
