[Federal Register Volume 59, Number 102 (Friday, May 27, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13054]


[[Page Unknown]]

[Federal Register: May 27, 1994]


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DEPARTMENT OF AGRICULTURE
Rural Electrification Administration

7 CFR Part 1767

RIN 0572-AA23

 

Accounting Requirements for REA Electric Borrowers; Correction

AGENCY: Rural Electrification Administration, USDA.

ACTION: Correcting amendments.

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SUMMARY: The Rural Electrification Administration's (REA) policy 
concerning the accounting requirements for REA electric borrowers was 
published as a final rule at 58 FR 59822 on November 10, 1993. Due to 
errors in the final rule that may prove to be misleading, REA is 
publishing this correcting amendment.

EFFECTIVE DATE: December 10, 1993.

FOR FURTHER INFORMATION CONTACT: Ms. Roberta E. Detwiler, Chief, 
Technical Accounting and Auditing Staff, Borrower Accounting Division, 
Rural Electrification Administration, room 2222, South Building, U.S. 
Department of Agriculture, Washington, DC 20250, telephone number (202) 
720-5227.

SUPPLEMENTARY INFORMATION:

Background

    REA published a final rule in the Federal Register on Wednesday, 
November 10, 1993, that established a Uniform System of Accounts (USoA) 
and prescribed specific accounting procedures to be followed by 
electric borrowers in certain circumstances (7 CFR part 1767). Due to 
errors in the final rule that may prove to be misleading, REA is 
publishing this correcting amendment.

List of Subjects in 7 CFR Part 1767

    Accounting.

    Accordingly, 7 CFR part 1767 is corrected by making the following 
correcting amendments:

PART 1767--[CORRECTED]

    1. The authority citation for part 1767 continues to read as 
follows:

    Authority: 7 U.S.C. 901 et seq.


Sec. 1767.18  [Corrected]

    2. In Sec. 1767.18, in the table of contents listing under 
``Current and Accrued Assets'', an entry ``Account 145 Notes Receivable 
from Associated Companies'' is added in numerical order.
    3. In Sec. 1767.18, under ``Current and Accrued Assets'', the 
heading for Account 131.12 is revised to read ``Cash--General--Economic 
Development Loan Funds''.
    4. In Sec. 1767.19, the introductory text of the section and the 
text for Account 216.1 are revised to read as follows:


Sec. 1767.19  Liabilities and other credits.

    The liabilities and other credit accounts identified in this 
section shall be used by all REA borrowers.
* * * * *
216.1  Unappropriated Undistributed Subsidiary Earnings
    This account shall include the balances, either debit or credit, of 
undistributed retained earnings of subsidiary companies since their 
acquisition. When dividends are received from subsidiary companies 
relating to amounts included in this account, this account shall be 
debited and Account 219.2, Nonoperating Margins, credited.
* * * * *
    5. In Sec. 1767.41, the introductory paragraph of accounting 
principal 606 is revised to read as follows:


Sec. 1767.41  Accounting methods and procedures required of all REA 
Borrowers.

* * * * *
606  Pension Costs
    With the issuance of Statement of Financial Accounting Standards 
No. 87, Employers' Accounting for Pensions (Statement No. 87), there 
have been significant changes in the accounting and reporting 
requirements relating to pension costs. This section will highlight the 
accounting and reporting requirements for the major types of pension 
plans. It should be noted, however, that the definitions and accounting 
procedures outlined in this section relate to financial accounting and 
they may differ from those used for tax accounting.
* * * * *


Sec. 1767.41  [Corrected]

    6. In Sec. 1767.41 accounting principal 627, Postretirement 
Benefits, under ``Accounting Journal Entries--Transition Obligation'', 
paragraph 2, the entry ``Cr. 186, Miscellaneous Deferred Debits'' is 
removed.

    Dated: May 5, 1994.
Wally Beyer,
Administrator.
[FR Doc. 94-13054 Filed 5-26-94; 8:45 am]
BILLING CODE 3410-15-P