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] ======================================================================= ----------------------------------------------------------------------- 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. ----------------------------------------------------------------------- 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
|Connect with The Crittenden Automotive Library|