Section 3
SEC. 3. Records of assets, liabilities, capital, income, etc. &mdashThe grantee shall make and keep complete records of its assets, liabilities, capital, revenues, expenses, income, and operations in accordance with a detailed system of accounts which shall embody the cost principle as denned in Section five hereof, and which shall be prescribed by the Public Service Commission or its legal successor, and such accounting system shall conform to the system approved by the Auditor General. The grantee shall account for retirements or replacements of, or additions to, its property according to a classified list of units of property which the Public Service Commission or its legal successor shall prescribe. Until the Public Service Commission or its legal successor prescribes the aforementioned list, of units of property, the grantee may adopt its own list of property which it shall submit to the Public Service Commission or its legal successor for approval.