Section 4.02. Method of preparation of annual printed statement.

 

(1)   All associations. Except as otherwise required by s. DFI-SL 4.01 (3) , each statement of condition and operations required under s. 215.03 (6) (a) , Stats. , shall be prepared in accordance with generally accepted accounting principles.

(2)   Mutual associations. In the case of a mutual association, 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 division may require associations to prepare statements of condition and operations according to an accounting practice or standard which is not in accordance with generally accepting accounting principles if the practice or standard is generally used and accepted nationally for mutual or stock associations as indicated by one or more of the following:

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

(b) The accounting practice or standard is accepted or required by the federal home loan bank board or the securities and exchange commission.

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

(5)   When available. Each association shall make available the printed statement of condition and operations provided under s. 215.03 (6) (a) 3. , Stats. , not later than 5 days before the annual meeting of members or stockholders.

History: Cr. Register, June, 1989, No. 402 , eff. 7-1-89.

Note

This section interprets or implements s. 215.03 (6) (a) 3. , Stats. Microsoft Windows NT 6.1.7601 Service Pack 1