TITLE 12 - BANKS AND BANKING

CHAPTER V - OFFICE OF THRIFT SUPERVISION, DEPARTMENT OF THE TREASURY

PART 563C - ACCOUNTING REQUIREMENTS

subpart a - FORM AND CONTENT OF FINANCIAL STATEMENTS

563c.1 - Form and content of financial statements.

  (a) This subpart A states the requirements as to form and content of financial statements included by a savings association in the following documents. However, the Office's regulations governing the applicable documents specify the actual financial statements that are to be included in that document.

  (1) Any proxy statement or offering circular required to be used in connection with a conversion under part 563b of this chapter.

  (2) Any offering circular or nonpublic offering materials required to be used in connection with an offer or sale of securities under part 563g of this chapter.

  (3) Any filing under the Securities Exchange Act of 1934, 15 U.S.C. 78a et seq., made pursuant to the requirements of part 563d of this chapter.

  (b) Except as otherwise provided by the Office by rule, regulation, or order made specifically applicable to financial statements governed by this section, financial statements shall: (1) Be prepared and presented in accordance with generally accepted accounting principles; (2) Comply with subpart C of this part; (3) Consistent with the provisions of this subpart, comply with articles 1, 2, 3, 4, 10, and 11 of Regulation S-X adopted by the Securities and Exchange Commission (17 CFR 210.l210.4, 210.10, and 210.11).

  (4) Be audited, when required, by an independent auditor in accordance with the standards imposed by the American Institute of Certified Public Accountants.

  (c) The term financial statements includes all notes to the statements and related schedules.