§ 352.17 - Material and supplies.

Related Notices
- 03-9260. Final rule. 03-9260. Accounting, Financial Reporting, and Rate Filing Requirements for Asset Retirement Obligations
- 02-28294. Notice of proposed rulemaking. 02-28294. Accounting, Financial Reporting, and Rate Filing Requirements for Asset Retirement Obligations

Latest version.

(a) This account shall include the cost, including sales, use and excise taxes and transportation costs to point of delivery, less purchase and trade discounts, of all unapplied material and supplies, such as line pipe, line pipe fittings, fuel, tools, and other pipeline supplies. The value of items being manufactured by the carrier and the fair value of salvaged material shall also be included herein.

(b) Carriers shall take annual inventories of material and supplies and shall make the adjustments necessary to reconcile the books to the inventory figures. To the extent practicable, adjustments shall be made directly to the same accounts to which such material and supplies were charged during the period. Differences that cannot be directly allocated shall be equitably apportioned among the accounts to which material was charged since the last inventory.

                    
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