12 CFR § 621.3 - Application of generally accepted accounting principles.

---
identifier: "/us/cfr/t12/s621.3"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "12 CFR § 621.3 - Application of generally accepted accounting principles."
title_number: 12
title_name: "Banks and Banking"
section_number: "621.3"
section_name: "Application of generally accepted accounting principles."
chapter_name: "FARM CREDIT ADMINISTRATION"
subchapter_number: "B"
subchapter_name: "FARM CREDIT SYSTEM"
part_number: "621"
part_name: "ACCOUNTING AND REPORTING REQUIREMENTS"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "Secs. 5.17, 5.19, 5.22A, 8.11 of the Farm Credit Act (12 U.S.C. 2183, 2202, 2202a, 2202d, 2252, 2257a, 2279aa-11); Pub. L. 102-552, 106 Stat. 4102, 4134."
regulatory_source: "58 FR 48786, Sept. 20, 1993, unless otherwise noted."
cfr_part: "621"
---


# 621.3 Application of generally accepted accounting principles.

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.