Ill. Admin. Code tit. 92, § 1376.10 – Generally Accepted Accounting Principles | Midpage
§ 1376.10
Ill. Admin. Code tit. 92, § 1376.10
Generally Accepted Accounting Principles
AUTHORITY: Implementing Section 18c-1202(4) and authorized by Section 18c-1202(9) of the Illinois Commercial Transportation Law (Ill. Rev. Stat. 1991, ch. 95½, pars. 18c-1101 et seq.) [625 ILCS 5/18c-1101 et seq.].ILLINOIS COMMERCE COMMISSION
a) All Illinois Commerce Commission licenses common or contract motor carriers of property, and each receiver, trustee, executor, administrator, or assignee of any such carrier, shall comply with generally accepted accounting principles for use in the keeping and recording of their accounts and bookkeeping records.
b) As generally accepted accounting principles, the commission incorporates by reference "Accounting Standards" (June 1992) of the Financial Accounting Standards Board and any subsequent revisions thereof.