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PRC | RIN: 3211-AA04 | Publication ID: Spring 2009 |
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 productsÂ’ income. Title 39 U.S.C. section 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 fulfills 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: Completed Actions |
Major: No | Unfunded Mandates: No |
CFR Citation: 39 CFR 3060 | |
Legal Authority: 39 USC 2011(h)(2) |
Legal Deadline:
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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. |
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Timetable:
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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 |