View all text of Chapter 16 [§ 1811 - § 1835a]
§ 1831n. Accounting objectives, standards, and requirements
(a) In general
(1) Objectives
Accounting principles applicable to reports or statements required to be filed with Federal banking agencies by insured depository institutions should—
(A) result in financial statements and reports of condition that accurately reflect the capital of such institutions;
(B) facilitate effective supervision of the institutions; and
(C) facilitate prompt corrective action to resolve the institutions at the least cost to the Deposit Insurance Fund.
(2) Standards
(A) Uniform accounting principles consistent with GAAP
(B) Stringency
(3) Review and implementation of accounting principles required
Before the end of the 1-year period beginning on December 19, 1991, each appropriate Federal banking agency shall take the following actions:
(A) Review of accounting principles
Review—
(i) all accounting principles used by depository institutions with respect to reports or statements required to be filed with a Federal banking agency;
(ii) all requirements established by the agency with respect to such accounting procedures; and
(iii) the procedures and format for reports to the agency, including reports of condition.
(B) Modification of noncomplying measures
(C) Inclusion of “off balance sheet” items
(b) Uniform accounting of capital standards
(1) In general
(2) Transition provision
(c) Reports to banking committees
(1) Annual reports required
(2) Explanation of reasons for discrepancy
(3) Publication
(Sept. 21, 1950, ch. 967, § 2[37], as added Pub. L. 102–242, title I, § 121(a), Dec. 19, 1991, 105 Stat. 2250; amended Pub. L. 106–569, title XII, §§ 1221, 1223, Dec. 27, 2000, 114 Stat. 3036; Pub. L. 109–173, § 8(a)(35), Feb. 15, 2006, 119 Stat. 3615.)