Imágenes de páginas
PDF
EPUB
[blocks in formation]
[blocks in formation]

aboard vessels.

282.090 Adjustments applicable to prior

periods.

282.095 Profit and loss account.

FINANCIAL STATEMENTS

282.0-20 Balance sheet statement. 282.0-30 Income statement. 282.0-40 Water-line operating revenue and expense statement.

AUTHORITY: The provisions of this Part 282 issued under sec, 204, 49 Stat. 1987, as amended; 46 U.S.C. 1114. Interpret or apply sec. 801, 49 Stat. 2011, as amended; 46 U.S.C. 1211.

SOURCE: The provisions of this Part 282 contained in Revised General Order 22, 15 F.R. 7935, Nov. 21, 1950, unless otherwise noted.

CROSS REFERENCE: For uniform system of accounts for maritime carriers, issued by the Interstate Commerce Commission, see 49 CFR, Part 323.

NOTE: In this part the numbers assigned to sections include, as whole numbers following the decimal point, the numbers of the prescribed accounts. Cross references to an account are made by citing only the account number portion of the section reference. Instructions, as distinguished from the texts of prescribed accounts, are designated § 282.0 with the prescribed instruction numbers appearing as subnumbers following a dash.

§ 282.00 General order of Maritime Administrator.

(a) Uniform system of accounts for operating-differential subsidy contractors. Every operating-differential subsidy contractor and such affiliate, domestic agent, subsidiary, or holding company connected with, or directly or indirectly controlling or controlled by, such contractor, as the Maritime Administration shall require, shall keep its books, records, and accounts, relating to the maintenance, operation, and servicing of the vessels, services, routes, and lines covered by an agreement, entered into pursuant to the provisions of Title VI of the Merchant Marine Act, 1936, as amended (secs. 601-610, 49 Stat. 2001-2007; 46 U.S.C. 1171–1180), as prescribed in, and in the manner required by, the "Uniform

System of Accounts for Maritime Carriers" annexed hereto.

(b) Effective date of section. As to each contractor with which the United States Maritime Commission or the Federal Maritime Board has entered into an operating-differential subsidy agreement pursuant to the provisions of Title VI of the Merchant Marine Act, 1936, as amended, this section shall become effective on January 1, 1951. As to every other company included within the terms of this section, the same shall become effective upon the first day of the calendar month during which such company and the Federal Maritime Board enter into an operating-differential subsidy agreement pursuant to the provisions of Title VI of the Merchant Marine Act 1936, as amended. The books, records and accounts referred to in this section shall be retained in accordance with the provisions of § 380.24 of this chapter.

[G.O. 22, Rev., 15 F.R. 7935, Nov. 21, 1950, as amended by Amdt. 3, 23 F.R. 6283, Aug. 15, 1958; 30 F.R. 12356, Sept. 28, 1965]

§ 282.01

Abstract from law; Merchant Marine Act.

Section 801 of Title VIII of the Merchant Marine Act, 1936:

Every contract executed by the Commission under the provision of titles VI or VII of this act shall contain provisions requiring (1) that the contractor and every affiliate, domestic agent, subsidiary, or holding company connected with, or directly or indirectly controlling or controlled by, the contractor, to keep its books, records, and accounts, relating to the maintenance, operation, and servicing of the vessels, services, routes, and lines covered by the contract, in such form and under such regulations as may be prescribed by the Commission: Provided, That the provisions of this paragraph shall not require the duplication of books, records, and accounts required to be kept in some other form by the Interstate Commerce Commission; (2) that the contractor and every affiliate, domestic agent, subsidiary, or holding company connected with, or directly or indirectly controlling or controlled by, the contractor, to file, upon notice from the Commission, balance sheets, profit and loss statements, and such other statements of financial operations, special report, memoranda of any facts and transactions, which in the opinion of the Commission affect the financial results in, the performance of, or transactions or operations under, such contract; (3) that the Commission shall be authorized to examine and audit the books,

records, and accounts of all persons referred to in this section whenever it may deem it necessary or desirable; and (4) that upon the willful failure or refusal of any person described in this section to comply with the contract provisions required by this section, the Commission shall have the right to rescind the contract, and upon such rescission the United States shall be relieved of all further liability on such contract.

The books, records and accounts referred to in this section shall be retained in accordance with the provisions of § 380.24 of this chapter.

[G.O. 22, Rev., 15 F.R. 7935, Nov. 21, 1950, as amended at 30 F.R. 12356, Sept. 28, 1965] GENERAL INSTRUCTIONS

[blocks in formation]

When used in this system of accounts: (a) "Additions" means structures, facilities, or equipment added to those in service and not replacing property or equipment previously in service.

(b) "Related companies" means companies or persons that directly, or indirectly through one or more intermediaries, control, or are controlled by, or are under common control with, the accounting carrier.

NOTE: Where reference is made to control (in referring to a relationship between any person or persons and another person or persons), such reference shall be construed to include actual as well as legal control, whether maintained or exercised through or by reason of the method of or circumstances surrounding organization ог operation, through or by common directors, officers, or stockholders, a voting trust or trusts, a holding or investment company or companies, or through or by any other direct or indirect means; and to include the power to exercise control.

(c) "Current assets" means cash, as well as those assets that are readily convertible into cash or are held for current operation, and other amounts accruing to the carrier and subject to settlement within one year from date of the balance sheet.

(d) "Current liabilities" means those obligations the amounts of which are definitely determined or can be closely estimated and which are either matured at the date of the balance sheet or become due upon demand or within one year from the date of the balance sheet.

(e) "Debt expense" means all expense in connection with the issuance and sale

of evidences of long-term debt, such as fees for drafting mortgages and trust deeds; fees and taxes for issuing or recording evidences of debt; cost of engraving and printing bonds, certificates of indebtedness, and other evidences of debt; fees paid trustees; specific cost of obtaining governmental authority; fees for legal services; fees and commissions paid underwriters, brokers, and salesmen for marketing evidences of debt; fees and expenses of listing on exchanges; and other like costs.

(f) "Discount," as applied to securities issued or assumed by the carrier, means the excess of the par or face value of the securities, plus interest or dividends accrued to the date of the sale, over the cash value of the consideration received from the sale.

(g) "Nonshipping property" means property neither used in nor held for transportation service.

(h) "Premiums," as applied to securities issued or assumed by the carrier, means the excess of the cash value of the consideration received at their sale over the sum of their par or face value plus interest or dividends accrued to the date of sale.

(i) "Shipping property" means property which is used or held for use by the carrier in the conduct of its shipping operations.

[blocks in formation]

(a) The carrier's records shall be kept with sufficient particularity to show fully the facts pertaining to all entries in its accounts.

(b) Where the general book entries do not contain complete information they shall be supported by other detailed records, cross-referenced for ready identification.

(c) All records shall be filed in such manner as to be readily accessible for examination.

(d) All accounts kept shall conform in number and title to those prescribed in this part.

(e) Accounts included in this system may be subdivided if such subaccounts do not impair the integrity of the accounts or records prescribed in this part.

(f) The accounts for each month shall be recorded currently so that all transactions applicable to each month, as

nearly as may be ascertained, shall be entered in the books of the carrier.

§ 282.0-3 Unaudited items.

(a) When it is known that a transaction has occurred which affects operating revenues, operating expenses, or income, but the amount involved and its effect upon the accounts cannot be determined with absolute accuracy, the amount thereof shall be estimated and included in the appropriate operating or income and balance-sheet accounts. Any such estimate shall be adjusted as soon as the actual amount is determined.

(b) Accruals shall not be recorded for purely speculative items, but shall be limited to reasonable estimates on reliable information of transactions that will be consummated.

§ 282.0-4 Submission of questions.

To promote and maintain uniformity of accounting, carriers shall submit all questions of doubtful interpretation of the accounting regulations for consideration and decision to the agency having jurisdiction over the carrier's accounts. § 282.0-5 Terminated voyages.

(a) The carrier shall keep its records in such manner that it can report with respect to operating revenue, operating expense, and other accounts affected, the revenues accruing and the expenses incurred for each terminated voyage of its vessels operated in line service.

(b) The revenues and expenses for uncompleted voyages or periods, included in unterminated voyage accounts, shall be recorded in such detail that the operating revenue, operating expense, or other accounts affected may be transferred from the unterminated voyage accounts to the appropriate revenue, expense, and other accounts involved. § 282.0-6 Balance-sheet accounts.

The balance-sheet accounts are intended to disclose the financial condition of the carrier as of a given date by showing the assets, liabilities, capital stock, and surplus (or deficit) of the carrier. § 282.0-7 Conversion of securities.

Journal entries which record the requirement of capital stock or funded debt securities by issuing in exchange the carrier's capital stock or funded debt shall be submitted to the Interstate Commerce Commission for approval before

[blocks in formation]

(a) The revenue accounts are designed to show the amounts of revenue which the carrier becomes entitled to receive from furnishing of transportation service, including service incidental thereto.

(b) The accounting for operating revenues shall be coincident with the transactions which create them. For the purpose of meeting this requirement, the carrier shall account for unaudited revenues upon an accrual basis.

§ 282.0-10 Expense accounts.

(a) The expense accounts are designed to show expenses of the carrier in furnishing transportation service and services incidental thereto including the expenses of maintenance (repairs and depreciation) of the property used in such service.

(b) The accounting for expenses shall be coincident with the transactions which create them. For the purpose of meeting this requirement, the carrier shall account for unaudited expenses upon an accrual basis.

BALANCE SHEET ACCOUNTS

§ 282.100 Cash.

ASSETS

(a) This account shall include the amount of current funds available for use on demand in the hands of financial officers or deposited in banks or trust companies including cash in transit for which agents or others have received credit. Cash appropriated for replacement, debt retirements, funded reserves, etc., and cash on deposit to guarantee performance of agreements shall be carried in appropriate accounts numbered 115 and 301 to 312, inclusive. If the withdrawal of any portion of the cash included in this account is restricted for any purpose whatsoever, the balance sheet must carry an appropriate notation to that effect.

(b) This account shall be subdivided as set forth in §§ 282.101, 282.106, 282.111, and 282.114.

§ 282.101 Cash on deposit; domestic. This account shall include all cash on deposit in banks in the United States and available for general purposes.

§ 282.106 Cash on deposit; foreign.

This account shall include all cash on deposit in foreign banks and available for general purposes.

§ 282.111

Imprest and petty cash funds.

This account shall include cash funds maintained at fixed amounts to be used in making change or in the nature of revolving funds for minor disbursements requiring immediate payment, the funds being regularly reimbursed from the general cash. Subsidiary accounts shall be maintained by agents or employees.

§ 282.114 Cash on hand and in transit.

This account shall include cash in the hands of financial officers; cash transfers between banks; and cash in transit from agents, branch houses, and employees.

§ 282.115 Special cash deposits.

(a) This account shall include the amounts of cash on special deposit (other than in special funds or deposits as elsewhere provided) for the payment of dividends, interest, and other debts of a current nature, when such payments are due one year or less from date of deposit; also amounts of cash deposited to insure the performance of contracts to be performed within one year from date of deposit; and other cash deposits of a special nature not provided for elsewhere.

(b) This account shall also include cash realized from the sale of the carrier's securities and deposited with trustees to be held until disbursed for the purpose for which the securities were sold: Provided, That cash held for such purposes, including cash held for redemption of securities, shall be included in the appropriate special funds unless the liability for the disbursement is included under current liabilities.

(c) Cash on deposit in special bank accounts where the funds are available for current requirements shall be included in account 100, "Cash."

§ 282.120 Marketable securities. This account shall be subdivided as follows:

121

122

125 126

United States Government securities.
State, county, and municipal securities.
Other marketable domestic securities.
Foreign marketable securities.

These accounts shall include the cost of government securities and temporary investments in other readily marketable securities which are available for general purposes of the business. Securities issued or assumed by the carrier or by a related company shall not be included in these accounts.

129 Discounts and premiums. This account may be charged with accumulation of any discount and may be credited with amortization of any premium on marketable securities, at the time of accrual or collection of interest thereon, with contra entry in Account 679, "Interest Income-Marketable Securities", if it is the practice of the carrier to adjust that account to a yield basis. When the securities are disposed of, any balance applicable thereto in this account shall be transferred to the account in which the cost of such securities is recorded. [G.O. 22, Rev., Amdt. 2, 20 F.R. 8199, Nov. 1, 1955]

[blocks in formation]

131 135

Miscellaneous notes receivable.
Subscriptions to capital stock.

§ 282.140 Notes and accounts receivable; related companies.

(a) This account shall include the amounts receivable from related companies which are subject to current settlement, such as balances in open accounts for services rendered, materials furnished, traffic and interline accounts, rents for use of property, and similar items; also interest, dividends, loans, notes, and drafts for which related companies are liable.

(b) Items which are not subject to current settlement shall be included in account 320, "Non-current receivablesRelated companies."

(c) Subsidiary accounts shall be maintained by companies and shall show all essential detail.

§ 282.150 Accounts receivable.

This account shall be subdivided as set forth in §§ 282.151, 282.155, 282.160, 282.165, and 282.169.

§ 282.151 Traffic accounts receivable.

(a) This account shall include accounts receivable from shippers, consignees, connecting carriers, and others (excluding related companies) arising incident to the carriage of passengers. excess baggage, freight, and mail.

(b Subsidiary accounts shall be maintained by individual debtors or by vessels and voyages subdivided as between (1) prepaid freight outward and collect freight inward, (2) collect freight outward and prepaid inward (when agents are required to remit in full), (3) connecting carriers, (4) other government departments, and (5) passengers and brokers. Receivables from any agent with whom arrangements are made to disburse vessels from revenue collections shall not be included in this account, but shall be included in account and 010, "Agents branch houses."

§ 282.155 Claims receivable.

(a) This account shall include claims transferred from account 361, "Claims pending," including insurance claims which have been compiled and presented to underwriters for payment, and other adjusted claims collectible within one year.

(b) Subsidiary accounts shall be maintained in the names of the insurance underwriters or adjusters, connecting carriers, and others.

[blocks in formation]
« AnteriorContinuar »