# 14 C.F.R. § 2-1 (2026): 2-1 Generally accepted accounting principles

> Federal · Regulations · In force

URL: https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_1

## Section

- **Citation:** 14 C.F.R. § 2-1 (2026)
- **Heading:** 2-1 Generally accepted accounting principles
- **Jurisdiction:** Federal
- **Kind:** Regulations
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Title 14 CFR: Aeronautics and Space / Chapter II: OFFICE OF THE SECRETARY, DEPARTMENT OF TRANSPORTATION (AVIATION PROCEEDINGS) / Part 241: UNIFORM SYSTEM OF ACCOUNTS AND REPORTS FOR LARGE CERTIFICATED AIR CARRIERS / § 2-1: 2-1   Generally accepted accounting principles.

## Text

(a) The accounting provisions contained in this part are based on generally accepted accounting principles (GAAP). Persons subject to this part are authorized to implement, as prescribed by the Financial Accounting Standards Board, newly issued GAAP pronouncements until and unless the Director, Office of Airline Information (OAI), issues an Accounting Directive making an initial determination that implementation of a new pronouncement would adversely affect the Department's programs.
(b) The Director, OAI, shall review each newly issued GAAP pronouncement to determine its affect on the Department's regulatory programs. If adopting a specific change in GAAP would adversely affect the Department's programs, the Director will issue the results of the review in the form of an Accounting Directive. The directive will state the reasons why the particular change should not be incorporated in the uniform system of accounts and contain accounting guidance for maintaining the integrity of the Department's air carrier accounting provisions.
(c) Objections and comments relating to the Department's decision not to implement a change in generally accepted principles may be addressed to Director, Office of Airline Information, K-25, U.S. Department of Transportation, 1200 New Jersey Avenue, SE., Washington, DC 20590. If significant objections are raised urging adoption of a particular GAAP pronouncement, the Department will institute a rulemaking.
[[Amdt. 241-58, 54 FR 5592, Feb. 6, 1989, as amended at 60 FR 66723, Dec. 26, 1995]

## Nearby sections

- [14 C.F.R. § 1-1 (2026) 1-1   Applicability of system of accounts and reports.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_1.md)
- [14 C.F.R. § 1-2 (2026) 1-2   Waivers from this system of accounts and reports.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_2.md)
- [14 C.F.R. § 1-3 (2026) 1-3   General description of system of accounts and reports.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_3.md)
- [14 C.F.R. § 1-4 (2026) 1-4   System of accounts coding.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_4.md)
- [14 C.F.R. § 1-5 (2026) 1-5   Records.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_5.md)
- [14 C.F.R. § 1-6 (2026) 1-6   Accounting entities.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_6.md)
- [14 C.F.R. § 1-7 (2026) 1-7   Interpretation of accounts.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_7.md)
- [14 C.F.R. § 1-8 (2026) 1-8   Address for reports and correspondence.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S1_8.md)
- [14 C.F.R. § 2-1 (2026) 2-1   Generally accepted accounting principles.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_1.md)
- [14 C.F.R. § 2-2 (2026) 2-2   Basis of allocation between entities.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_2.md)
- [14 C.F.R. § 2-3 (2026) 2-3   Distribution of revenues and expenses within entities.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_3.md)
- [14 C.F.R. § 2-4 (2026) 2-4   Accounting period.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_4.md)
- [14 C.F.R. § 2-5 (2026) 2-5   Revenue and accounting practices.](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_5.md)
- [14 C.F.R. § 3 (2026) 3   Chart of Balance Sheet Accounts](https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S3.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/CFR_T14_P241_S2_1. Check the current official text before relying on it. Not legal advice.