Section 4.02. Method of preparation.

 

(1)   All savings banks. Each statement of condition and operations required under s. 214.76 (5) (b) , Stats., shall be prepared in accordance with generally accepted accounting principles.

(2)   Mutual savings banks. In the case of a mutual savings bank, unless "net income" equals the difference between "total net worth" at the end of the period and "total net worth" at the beginning of the period, the statement of condition and operations shall include:

(a) A clearly readable explanation of material adjustments to the net income of prior periods; or

(b) A restated statement of operations for the affected periods.

(3)   National industry standard. The commissioner may require savings banks to prepare statements of condition and operations according to an accounting practice or standard which does not comply with generally accepting accounting principles if the practice or standard is generally used and accepted nationally for mutual or stock savings banks or similar financial institutions as indicated by one or more of the following:

(a) The accounting practice or standard is used by a substantial portion of the savings bank industry nationally; or

(b) The accounting practice or standard is accepted or required by the federal deposit insurance corporation or the securities and exchange commission.

(4)   Forms modified. The commissioner may modify the form prescribed in s. DFI-SB 4.01 to reflect an accounting practice or standard adopted under sub. (3) .

(5)   When available. Each savings bank shall make available to all members or stockholders and potential members or stockholders the printed statement of condition and operations provided under s. 214.76 (5) (b) , Stats., not later than 5 days before the annual meeting of members or stockholders.

History: Cr. Register, February, 1994, No. 458 , eff. 3-1-94.

Note

This section interprets or implements s. 214.76 , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1