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California Financial Code Section 118

Legal Research Home > California Lawyer > Financial Code > California Financial Code Section 118

(a) All references in this division and in Division 1
(commencing with Section 100), Title 1 of the Corporations Code to
financial statements, balance sheets, income statements and
statements of changes in financial position of a bank and all
references to assets, liabilities, earnings, retained earnings,
shareholders' equity, and similar accounting items of a bank mean
such financial statements or such items prepared or determined in
conformity with generally accepted accounting principles then
applicable in the United States, fairly presenting in conformity with
generally accepted accounting principles accepted in the United
States the matters which they purport to present, subject to any
specific accounting treatment required by any provision of Division 1
(commencing with Section 100), Title 1 of the Corporations Code, of
this division, or of any regulation or order issued under this
division.
   (b) The commissioner may, by regulation or order, require that any
financial statement or accounting item of a bank be prepared or
determined in a manner other than in conformity with generally
accepted accounting principles accepted in the United States if the
commissioner finds that such other manner is necessary or appropriate
to carry out the purposes or provisions of this division.

Last modified: January 12, 2009