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Related to NAICS: sic, SIC code
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Although NAICS has been introduced into many other Federal data series, the introduction of NAICS into the FRB's series was unique in several ways.
The third unique aspect of the FRB's introduction of NAICS was the preparation of consistent series using a technique based on microdata records of manufacturing establishments to estimate the detailed industry components classified according to NAICS.
If, within the same business, a taxpayer conducts separate activities that have different NAICS codes, it is necessary to establish which NAICS code describes the principal activity of the taxpayer; this determines whether the business is eligible to use the cash method.
For example, if a taxpayer's principal business activity is the retail sale of bathroom fixtures--which falls under one of the ineligible NAICS codes listed above--and a smaller segment is plumbing repairs, he or she cannot use notice 2001-76 to convert the business's overall method of accounting to cash.
In the next section, the development and principles of NAICS are discussed.
A series of international meetings and signed agreements among officials of the major statistical agencies of the three countries in 1994-97 resulted in the adoption of the following four criteria upon which NAICS was based.
Office, Management, and Budget (0MB) announced that the new NAICS system would replace the SIC system.
The NAICS system reclassifies and regroups industries to better reflect the North American economy.
Created primarily at the urging of economists, NAICS offers classifications that group together similar activities to reflect the many new industries that have reshaped the U.