Class I Railroad Annual Report (EP 720)

Forms and Documents

Document Name	Status
Form R-1 Class I Railroad Annual Report Form and Instruction	Modified
EP 720 PRA Support Statement.docx Supporting Statement A	2015-07-08
R-1 (OE revised 6-11-15).pdf Supplementary Document	2015-06-12
49 CFR 1242.pdf Supplementary Document	2012-05-25
49 CFR 1241.pdf Supplementary Document	2012-05-24
49 USCODE 11145.pdf Supplementary Document	2012-05-24

IC Document Collections

IC ID	Document Title	Status
26937	Class I Railroad Annual Report Form and Instruction	Modified

ICR Details

OMB Control No: 2140-0009	ICR Reference No: 201506-2140-001
Status: Historical Inactive	Previous ICR Reference No: 201209-2140-009
Agency/Subagency: STB	Agency Tracking No:
Title: Class I Railroad Annual Report (EP 720)
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Comment filed on proposed rule and continue	Conclusion Date: 08/25/2015
	Date Received in OIRA: 07/08/2015
Terms of Clearance: STB will address comments filed on the NPRM.

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	10/31/2016	36 Months From Approved	12/31/2016
Responses	7	0	7
Time Burden (Hours)	5,600	0	5,600
Cost Burden (Dollars)	28	0	28

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Abstract: Annual reports are required to be filed by Class I railroads (currently seven), which have revenues in excess of 250 million dollars, under 49 U.S.C. 11145. Reports are used to monitor and assess railroad industry growth, financial stability, traffic, and operations and to identify industry changes that may affect national transportation policy. Reports are also used to fulfill various statutory requirements under the Interstate Commerce Act. The proposed rule would amend the Form R-1 by adding new general instructions and accounts for recognizing changes in the fair value of certain security investments, items of other comprehensive income, derivative instruments, and hedging activities. Additionally, the Board proposes to revise the Uniform System of Accounts (USOA), the instructions for keeping financial records that underlie the R-1 Report, to reflect current accounting practices for business combinations by removing existing instructions for the pooling-of-interest method of accounting. The Board also seeks to revise Form R-1 to include the new accounts and a new reporting schedule consistent with the proposed revisions to the USOA.

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Authorizing Statute(s): US Code: 49 USC 11145 Name of Law: Interstate Commerce Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
2140-AB18	Proposed rulemaking	80 FR 39021	07/08/2015

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Class I Railroad Annual Report	R-1	Form r-1 with proposed revisions

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Burden increases because of Program Change due to Agency Discretion: No

Burden Increase Due to:

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement:

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Annual Cost to Federal Government: $3,150

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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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:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(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;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

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.

Certification Date: 07/08/2015

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