12 CFR 621.3
§ 621.3 Application of generally accepted accounting principles.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 621.3, § 621.3 Application of generally accepted accounting principles, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/48048
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Full text
Each institution shall:
(a) Prepare and maintain, on an accrual basis, accurate and complete records of its business transactions as necessary to prepare financial statements and reports, including reports to the Farm Credit Administration, in accordance with generally accepted accounting principles, except as otherwise directed by statutory and regulatory requirements;
(b) Prepare its financial statements and reports, including reports to the shareholders, investors, boards of directors, institution management and the Farm Credit Administration, in accordance with generally accepted accounting principles, except as otherwise directed by statutory and regulatory requirements; and
(c) Prepare and maintain its books and records in such a manner as to facilitate reconciliation with financial statements and reports prepared from them.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.