The FCC has approved two actions to ease the burdens of compliance for carriers subject to the Part 32 Uniform System of Accounts. Currently, carriers must maintain two sets of accounting books – one for financial reporting and another for regulatory purposes – under the Part 32 rules. This requirement can be costly for carriers, as it often requires additional training for accountants, a second set of accounting software, and two sets of audits. First, the Commission eliminated the requirement that price cap carriers – large carriers that serve 95 percent of the nation’s lines – maintain a separate set of regulatory accounting books in addition to their financial accounting books. Instead, price cap carriers will now have the option of providing the FCC with financial accounting data that conforms to generally accepted accounting principles. Second, the Commission reduced the extent of FCC-specific accounts that all carriers are required to maintain. Through these actions, the Commission aims to free carriers’ scarce resources for network investment and expansion.
