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The Standard Industrial Classification (SIC) is a system for classifying industries by a four-digit code as a method of standardizing industry classification for statistical purposes across agencies. Established in the United States in 1937, it is used by government agencies to classify industry areas.
The North American Industry Classification System or NAICS (/ n eɪ k s /) [1] is a classification of business establishments by type of economic activity (the process of production). It is used by governments and business in Canada , Mexico , and the United States of America .
NACE is similar in function to the SIC and NAICS systems: Standard Industrial Classification; North American Industry Classification System; a screenshot of NACE being used in a computer program. NACE uses four hierarchical levels: [3] Level 1: 21 sections identified by alphabetical letters A to U;
Categorization, reporting, and transparency are all key goals and benefits of this coding structure. The NIGP Code currently exists in English and Spanish versions. Cross references have been created for the NAICS, UNSPSC and MCC codesets. Version 24 is the current release for printed materials.
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The NAIC is an Internal Revenue Code Section 501(c)(3) non-profit organization. The NAIC acts as a forum for the creation of model laws and regulations. Each state decides whether to pass each NAIC model law or regulation, and each state may make changes in the enactment process, but the models are widely, albeit somewhat irregularly, adopted.