§ 621.3. Application of generally accepted accounting principles.
114 words·~1 min read·
/us/cfr/t12/s§ 621.3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.