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Revision to Accounting and Reporting Requirements for Motor Carriers of Property

American Government Special Collections Reference Desk

Trucking American Government

Revision to Accounting and Reporting Requirements for Motor Carriers of Property

Sidney L. Strickland, Jr.
Interstate Commerce Commission
February 3, 1994


[Federal Register Volume 59, Number 23 (Thursday, February 3, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 94-2430]


[[Page Unknown]]

[Federal Register: February 3, 1994]


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INTERSTATE COMMERCE COMMISSION

49 CFR Parts 1207 and 1249

[Ex Parte No. MC-206]

 

Revision to Accounting and Reporting Requirements for Motor 
Carriers of Property

AGENCY: Interstate Commerce Commission.

ACTION: Final rule.

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SUMMARY: The Commission is eliminating the Uniform System of Accounts 
for common and contract motor carriers of property. In addition, the 
Commission is revising the report form designations for class I and 
class II motor carriers of property and is changing the classification 
threshold levels for classes I, II, and III motor carriers. The intent 
of these changes is to reduce regulatory and accounting burdens for 
these carriers and to create a simplified report form for those 
carriers earning between $3 and $10 million in annual operating 
revenues. Use of Generally Accepted Accounting Principles (GAAP), in 
lieu of the Uniform System of Accounts, and simplified annual reports 
for class II carriers permit the Commission to carry out fully its 
regulatory oversight functions.

EFFECTIVE DATE: This action is effective January 1, 1994. It will take 
effect for the reporting year beginning January 1, 1994.

FOR FURTHER INFORMATION CONTACT: Ward L. Ginn, Jr., (202) 927-6187. 
(TDD for hearing impaired: (202) 927-5721.)

SUPPLEMENTARY INFORMATION: A notice of proposed rulemaking instituting 
this proceeding was published in the Federal Register on July 28, 1992 
at 57 FR 33314. Based on comments received in response to that notice, 
the Commission is revising the Code of Federal Regulations by 
eliminating 49 CFR part 1207 and modifying 49 CFR part 1249. Also, 
annual reports for motor carriers of property are being modified, with 
two annual report forms being designated; Form M-1 (essentially 
identical to the old Form M) for class I carriers, and a simplified 
Form M-2 for class II carriers. Additional information is contained in 
the Commission's decision. To receive a copy of the full decision, 
write to, call, or pick up in person from: Dynamic Concepts, Inc., room 
2229, Interstate Commerce Commission Building, Washington, DC 20423. 
Telephone: (202) 289-4357/4359. (Assistance for the hearing impaired is 
available through TDD services (202) 927-5721.)

Environmental and Energy Considerations

    This action will not significantly affect either the quality of the 
human environment or the conservation of energy resources.

Regulatory Flexibility Analysis

    Pursuant to 5 U.S.C. 605(b), we conclude that our action in this 
proceeding will not have a significant economic impact on a substantial 
number of small entities. No new regulatory requirements are imposed, 
directly or indirectly, on such entities. The purpose of our regulation 
is to reduce regulatory burden for the motor carriers. The economic 
impact on small entities, if any, will be to reduce the cost of 
maintaining and preparing reports to the Commission, and is not likely 
to be significant within the meaning of the Regulatory Flexibility Act.

List of Subjects

49 CFR Part 1207

    Motor carriers, Uniform System of Accounts.

49 CFR Part 1249

    Motor carriers, Reporting and recordkeeping requirements.

    Decided: December 30, 1993.

    By the Commission, Chairman McDonald, Vice Chairman Simmons, 
Commissioners Phillips and Philbin. Chairman McDonald and 
Commissioner Phillips commented with separate expressions. 
Commissioner Philbin concurred in part and dissented in part with a 
separate expression. Vice Chairman Simmons dissented with a separate 
expression.
Sidney L. Strickland, Jr.,
Secretary.

For the reasons set forth in the preamble, title 49, chapter X, parts 
1207 and 1249 of the Code of Federal Regulations are amended as 
follows:

PART 1207--[REMOVED]

    1. Under the authority of 49 U.S.C. 10321, 10751, 11142, and 11145, 
and 5 U.S.C. 553, title 49, chapter X, part 1207 of the Code of Federal 
Regulations is removed.

PART 1249--REPORTS OF MOTOR CARRIERS

    2. The authority citation for part 1249 continues to read as 
follows:

    Authority: 49 U.S.C. 11142 and 11145 and 5 U.S.C. 553.

    3. Section 1249.1 is revised to read as follows:


Sec. 1249.1  Annual and quarterly reports of motor carriers of 
property, motor carriers of household goods, and dual authority 
carriers.

    (a) Annual Report Forms M-1 and M-2. All class I common and 
contract carriers of property, including household goods and dual 
authority motor carriers, shall file Motor Carrier Annual Report Form 
M-1. All class II common and contract carriers of property, including 
household goods and dual authority motor carriers, shall file Motor 
Carrier Annual Report Form M-2. The annual reports shall be filed on or 
before March 31 of the year following the year to which they relate. 
Class III motor carriers of property shall be exempt from filing any 
reports. For classification criteria, See Sec. 1249.2.
    (b) Quarterly Report Form QFR. All class I common motor carriers of 
property and class I household goods motor carriers shall complete and 
file motor carrier Quarterly Report Form QFR (Form QFR). The quarterly 
accounting periods shall end on March 31, June 30, September 30, and 
December 31. The quarterly reports shall be filed within 30 calendar 
days after the end of the reporting quarter.
    (c) The quarterly and annual reports shall be filed in duplicate 
with the Office of Economics, Interstate Commerce Commission, 
Washington, DC 20423. Copies of these forms may be obtained from the 
Office of Economics.
    4. Section 1249.2 is amended by revising paragraphs (a), (b)(1), 
(b)(4), and (c) (including Note A) and by adding a new paragraph (b)(5) 
to read as follows:


Sec. 1249.2  Classification of carriers-motor carriers of property, 
household goods carriers, and dual property carriers.

    (a) Common and contract motor carriers of property subject to the 
Interstate Commerce Act are grouped into the following three classes:
    Class I. Carriers having annual carrier operating revenues 
(including interstate and intrastate) of $10 million or more after 
applying the revenue deflator formula in Note A.
    Class I. Carriers having annual carrier operating revenues 
(including interstate and intrastate) of at least $3 million but less 
than $10 million after applying the revenue deflator formula in Note A.
    Class III. Carriers having annual carrier operating revenues 
(including interstate and intrastate) of less than $3 million after 
applying the revenue deflator formula in Note A.
    (b)(1) The class to which any carrier belongs shall be determined 
by annual carrier operating revenues (excluding revenues from private 
carriage, compensated intercorporate hauling, and leasing vehicles with 
drivers to private carriers) after applying the revenue deflator 
formula in Note A. Upward and downward classification will be effected 
as of January 1 of the year immediately following the third consecutive 
year of revenue qualification.
* * * * *
    (4) Carriers shall notify the Commission of any change in 
classification and any change in annual operating revenues that causes 
them to exceed the class I limit by writing to the Office of Economics, 
Interstate Commerce Commission, Washington, DC 20423. In unusual or 
extraordinary extenuating circumstances, where the classification 
process will unduly burden the carrier, such as partial liquidation, or 
curtailment or elimination of contracted services, the carrier may 
request from the Commission a waiver or an exception from these 
regulations. This request shall be in writing, specifying the 
conditions justifying the waiver or exception. The Commission shall 
notify the carriers of any change in classification.
    (5) Carriers not required to file an Annual Report (Form M-1 or 
Form M-2) may be required to file the Annual Carrier Classification 
Survey Form. All carriers will be notified of any classification 
changes.
    (c) For classification purposes, the Commission shall publish in 
the Federal Register annually an index number which shall be used to 
adjust gross annual operating revenues. This index number (deflator) 
shall be based on the Producers Price Index of Finished Goods. Its 
intended use is to eliminate the effects of inflation from the 
classification process. See Note A that follows:

    Note A: Each carrier's operating revenues will be deflated 
annually using the Producers Price Index (PPI) of Finished Goods 
before comparing those revenues with the dollar revenue limits 
prescribed in paragraph (a) of this section. The PPI is published 
monthly by the Bureau of Labor Statistics. The formula to be applied 
is as follows:


TR03FE94.012

[FR Doc. 94-2430 Filed 2-2-94; 8:45 am]
BILLING CODE 7035-01-P



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