This section states the requirements as to form and content of financial statements included by a State savings association in the following documents. However, the FDIC's regulations governing the applicable documents specify the actual financial statements that are to be included in that document.
Any proxy statement or offering circular required to be used in connection with a conversion under 12 CFR part 192.
Any offering circular or nonpublic offering materials required to be used in connection with an offer or sale of securities under subpart W.
Except as otherwise provided by the FDIC by rule, regulation, or order made specifically applicable to financial statements governed by this section, financial statements shall:
Be prepared and presented in accordance with generally accepted accounting principles;
Comply with § 390.384;
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.l through 210.4, 210.10, and 210.11).
Be audited, when required, by an independent auditor in accordance with the standards imposed by the American Institute of Certified Public Accountants.
The term “financial statements” includes all notes to the statements and related schedules.
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