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PRC RIN: 3211-AA04 Publication ID: Fall 2008 
Title: Accounting Practices and Principles 
Abstract: Section 401 of the Postal Accountability and Enhancement Act requires the Secretary of the Treasury to develop recommendations for accounting practices and principles that will govern the operation of the Postal Service’s Competitive Products Fund and the determination of an assumed Federal income tax to be imposed on competitive products’ income. On December 19, 2007, the Secretary of the Treasury submitted the report and its recommendations to the Postal Regulatory Commission concerning accounting principles and practices for the operation of the Postal Service’s Competitive Products Fund and the determination of an assumed Federal income tax to be imposed on competitive products’ income. Title 39 U.S.C. § 2011(h) requires the Commission to give the public the opportunity to comment on that report and tasks it with the responsibility to develop regulations to establish the accounting practices and principles to govern the operation of the Competitive Products Fund and rules for determining the assumed Federal income tax on competitive products’ income. This regulation will fulfill the Commission’s statutory responsibility to prescribe rules and regulations concerning accounting principles and practices for the operation of the Competitive Products Fund and the determination of an assumed Federal income tax on competitive products’ income. 
Agency: Postal Regulatory Commission(PRC)  Priority: Economically Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: No  Unfunded Mandates: No 
CFR Citation: 39 CFR part 3060     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 39 USC 2011(h)(2)   
Legal Deadline:
Action Source Description Date
Final  Statutory  Statutory deadline for issuance unless extended by agreement of Postal Service.  12/18/2008 

Overall Description of Deadline: Pursuant to section 2011(h)(2)(B)(ii), the final regulations are to be issued within 12 months of the date Treasury submitted its recommendations or such later date as agreed to by the Commission and the Postal Service. Treasury submitted its report on December 19, 2007.

Statement of Need: Establishing the accounting practices and principles to govern the operation of the Postal Service’s Competitive Products Fund and determining the assumed income tax on competitive products’ income is required by the Postal Accountability and Enhancement Act. Congress tasked the Postal Regulatory Commission with the job of implementing those practices and principles. These regulations are the Commission’s implementation of that Congressional directive.

Summary of the Legal Basis: Title 39 U.S.C. 2011(h)(2) requires the Postal Regulatory Commission to issue regulations to establish (1) the accounting practices and principles to be followed by the Postal Service relating to the operation of the Competitive Products Fund, and (2) rules for determining the assumed Federal income tax on competitive products’ income.

Alternatives: There are no alternative methods of complying with the requirements of 39 U.S.C. 2011(h)(2) other than by issuing regulations.

Anticipated Costs and Benefits: The accounting practices and principles and the determination of an assumed Federal income tax on competitive products' income are expected to help ensure that a level playing field exists for the Postal Service and its competitors with respect to competitive products.

Risks: There are no known risks to this regulatory action.

Timetable:
Action Date FR Cite
ANPRM  02/01/2008  73 FR 6081   
ANPRM Comment Period End  04/01/2008    
ANPRM Reply Comment Period End  05/01/2008    
NPRM  09/19/2008  73 FR 54468   
NPRM Comment Period End  10/20/2008    
NPRM Reply Comment Period End  11/03/2008    
Final Action  12/00/2008    
Regulatory Flexibility Analysis Required: No  Government Levels Affected: Federal 
Federalism: No 
Included in the Regulatory Plan: Yes 
RIN Information URL: www.prc.gov   Public Comment URL: www.prc.gov  
RIN Data Printed in the FR: No 
Agency Contact:
Stephen L. Sharfman
General Counsel
Postal Regulatory Commission
Suite 200, 901 New York Avenue NW.,
Washington, DC 20268-0001
Phone:202 789-6820
Email: stephen.sharfman@prc.gov