N.Y. Comp. Codes R. & Regs. tit. 16 § 322.7

Current through Register Vol. 46, No. 51, December 18, 2024

Section 322.7 - Transfers of property

(a) When property is transferred from one account for gas plant to another, from one utility department to another, such as from gas to electric, or, in the case of Class C utilities, to or from accounts 1101, Gas Plant in Service, 1102, Gas Plant Leased to Others, and 1104, Gas Plant Held for Future Use, the transfer shall be recorded by transferring the book cost thereof from the one account, department or division to the other, and likewise any related amounts carried in the depreciation and amortization reserves and other accounts shall be transferred in accordance with the segregation of such reserves and other accounts. When property (except customers' meters and house regulators) in connection with which installation costs have been incurred is physically transferred it shall be accounted for as provided in gas plant instruction section 322.2.

(b) When property subject to depreciation is transferred from the gas plant accounts to account 1110, Other Physical Property, the transfer shall be accomplished by crediting the gas plant accounts and charging the depreciation reserve with the book cost of the item transferred; the depreciation reserve shall then be credited and account 1110, Other Physical Property, charged with the fair value of the property transferred.

N.Y. Comp. Codes R. & Regs. Tit. 16 § 322.7