FERC Form No. 6-Q, (NOPR in RM19-12) Quarterly Financial Report of Oil Pipeline Companies

ICR 201901-1902-009

OMB: 1902-0206

Federal Form Document

Forms and Documents
Document
Name
Status
Form and Instruction
Modified
Supporting Statement A
2019-03-14
Supplementary Document
2019-01-29
Supplementary Document
2016-06-14
IC Document Collections
ICR Details
1902-0206 201901-1902-009
Historical Inactive 201512-1902-004
FERC FERC Form 6-Q
FERC Form No. 6-Q, (NOPR in RM19-12) Quarterly Financial Report of Oil Pipeline Companies
Revision of a currently approved collection   No
Regular
Comment filed on proposed rule and continue 03/14/2019
Retrieve Notice of Action (NOA) 02/08/2019
In accordance with 5 CFR 1320, OMB is filing comment and withholding approval at this time. The agency shall examine public comment in response to the proposed rulemaking and will include in the supporting statement of the next ICR--to be submitted to OMB at the final rule stage--a description of how the agency has responded to any public comments on the ICR, including comments on maximizing the practical utility of the collection and minimizing the burden.
  Inventory as of this Action Requested Previously Approved
09/30/2019 36 Months From Approved 11/30/2019
525 0 525
78,750 0 78,750
0 0 0

NOPR in RM19-12. The Commission is proposing to transition from the current use of the Visual FoxPro software, which is no longer supported by its developer, to a type of Extensible Markup Language (XML) called eXtensible Business Reporting Language (XBRL). The XBRL standard would be used to file the Commission’s Form Nos. 1, 1-F, 2, 2-A, 3-Q electric, 3-Q natural gas, 6, 6-Q, 60, and 714. The use of XBRL should make the information in these forms easier for filers and data users to analyze and assist in automating regulatory filings and business information processing. In addition, the Commission believes that transitioning from the current Visual FoxPro system to XBRL will decrease the costs, over time, of preparing the necessary data for submission and complying with future changes to filing requirements set forth by the Commission. The Commission is also proposing to revise its regulations to require filers of Form No. 1-F to file their report in electronic media pursuant to 18 CFR 385.2011. FERC-6Q, in general. The Interstate Commerce Act (ICA) authorizes the Commission to make investigations, collect, and record data in order to carry out certain necessary and useful provisions. The information collected from oil pipeline companies under the requirements of the FERC Form No. 6-Q provide the Commission the ability to implement the statutory provisions of the ICA including the authority to prescribe rules, regulations concerning accounts, records, memoranda as necessary. The ICA also allows the Commission to prescribe a system of accounts for jurisdictional companies and (after notice) and opportunity for hearing to determine the accounts in which particular outlays and receipts can be entered, charged, or credited. The financial accounting and reporting provides needed information concerning a FERC Form No. 6-Q company’s past performance and its future prospects. Without reliable financial statements (prepared in accordance with the Commission’s Uniform Systems of Accounts), the Commission would be unable to accurately determine the costs that related to a particular time period, service, or line of business. Additionally, it would be more difficult for the Commission to determine if a certain entity was previously provided the opportunity to recover its costs via rates or to compare how the financial performance of one regulated entity relates to another. The FERC Form No. 6-Q assists the Commission in overseeing and policing the regulated oil pipeline markets to assist in enforcing the ICA.

US Code: 49 USC Sections 1, 20, 54 Name of Law: Interstate Commerce Act
  
None

1902-AF58 Proposed rulemaking 84 FR 1412 02/04/2019

No

1
IC Title Form No. Form Name
FERC Form No. 6-Q, Quarterly Financial Report of Oil Pipeline Companies 6Q Quarterly Financial Report

No
No

$87,341
No
    No
    No
No
No
No
Uncollected
Robert Hudson 202 502-6620

  No

On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
 
 
 
 
 
 
 
    (i) Why the information is being collected;
    (ii) Use of information;
    (iii) Burden estimate;
    (iv) Nature of response (voluntary, required for a benefit, or mandatory);
    (v) Nature and extent of confidentiality; and
    (vi) Need to display currently valid OMB control number;
 
 
 
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
02/08/2019


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