TITLE 92: TRANSPORTATION
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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.].
SOURCE: Adopted at 18 Ill. Reg. 1914, effective February 1, 1994.
Section 1376.10 Generally Accepted Accounting Principles
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.
Section 1376.20 Classification of Carriers
For the purpose of accounting and reporting regulations, common and contract carriers of property by motor vehicle subject to the Illinois Commerce Commission (Intrastate authority) are grouped into the following four classes:
a) Class I – Carriers having annual gross operating revenues (including interstate and intrastate) of $5 million or more from motor carrier operations.
b) Class II – Carriers having annual gross operating revenues (including interstate and intrastate) of $1 million, but less than $5 million, from motor carrier operations.
c) Class III – Carriers having annual gross operating revenues (including interstate and intrastate) of $100,000, but less than $1 million, from motor carrier operations.
d) Class IV – Carriers having annual gross operating revenues (including interstate and intrastate) of less than $100,000 from motor carrier operations.