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Oil Pipeline Uniform Accounting Regulations

Version of section 54 from 2006-03-22 to 2020-03-15:

  •  (1) As soon as the information can be assembled, a company shall file with the Board depreciation rates estimated to be appropriate for each group of plant accounts, each plant account or each group of assets within a plant account.

  • (2) The rates referred to in subsection (1) shall be based on the service value and estimated service life of plant, as developed by a study of the company’s history and experience and such engineering and other information as may be available with respect to future operating conditions.

  • (3) The rates referred to in subsection (1) shall be established to produce a charge for depreciation equal to the sum of the amounts that would otherwise be chargeable as depreciation for each of the various classes of plant included in a group of plant accounts, for each plant account or for each group of assets within a plant account.

  • (4) The rates referred to in subsection (1) may be developed by a company by the method deemed most appropriate for the portrayal of the depreciation experienced and, when filed, shall be accompanied by a statement showing their bases and the methods employed in their computation.

  • (5) A company shall, at any time, upon direction of the Board, conduct a study on the suitability of depreciation rates in use in the light of the company’s history and available engineering data, and shall submit to the Board for approval a report of the results of such study together with recommendations for any desired changes in depreciation rates.


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