22 USC § 3721 - Accounting policies

---
identifier: "/us/usc/t22/s3721"
source: "usc"
legal_status: "official_prima_facie"
title: "22 USC § 3721 - Accounting policies"
title_number: 22
title_name: "FOREIGN RELATIONS AND INTERCOURSE"
section_number: "3721"
section_name: "Accounting policies"
chapter_number: 51
chapter_name: "PANAMA CANAL"
subchapter_number: "I"
subchapter_name: "ADMINISTRATION AND REGULATIONS"
part_number: "3"
part_name: "Funds and Accounts"
positive_law: false
currency: "119-84"
last_updated: "2026-03-26"
format_version: "1.1.0"
generator: "[email protected]"
source_credit: "(Pub. L. 96–70, title I, § 1311, Sept. 27, 1979, 93 Stat. 479; Pub. L. 104–201, div. C, title XXXV, § 3541(a), Sept. 23, 1996, 110 Stat. 2866.)"
---


# § 3721. Accounting policies

**(a)** **Establishment and maintenance of accounts; specifications** section 3793 of this title

The Commission shall establish and maintain its accounts pursuant to chapter 91 of title 31 and the provisions of this part. Such accounts shall specify all revenues received by the Commission, including tolls for the use of the Panama Canal, expenditures for capital replacement, expansion, and improvement, and all costs of maintenance and operation of the Panama Canal and of its complementary works, installations, and equipment, including depreciation, payments to the Republic of Panama under the Panama Canal Treaty of 1977, and interest on the investment of the United States calculated in accordance with .

**(b)** **Regulations establishing the basis of accounting for assets** The Commission may issue regulations establishing the basis of accounting for the assets which are made available for the use of the Commission. Such regulations may provide for depreciation of the net replacement value of the assets which will ultimately require replacement to maintain the service capacity of the Panama Canal. Such regulations may also provide that depreciation of such assets be recorded ratably over their service lives.

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**Source Credit**: (Pub. L. 96–70, title I, § 1311, Sept. 27, 1979, 93 Stat. 479; Pub. L. 104–201, div. C, title XXXV, § 3541(a), Sept. 23, 1996, 110 Stat. 2866.)

## Editorial Notes

### Amendments

1996—Subsec. (a).  substituted “chapter 91 of title 31” for “the Accounting and Auditing Act of 1950 ( et seq.)”.