Mutual Banks Act, 1993 (Act No. 124 of 1993)RegulationsRegulations relating to Mutual BanksChapter I : Basis of Regulation3. Generally accepted accounting practice |
| (1 ) | Unless expressly otherwise provided in the Act or these Regulations, all the prescribed risk-based returns shall, in conformity with generally accepted accounting practice, fairly present the financial position and the results of the operations of a mutual bank. |
| (2) | The same accounting practice applied by a mutual bank in the compilation of its annual financial statements shall be applied by such mutual bank in the compilation of the risk- based returns required to be furnished by it to the Authority in terms of the Act and these Regulations unless— |
| (a) | it is specifically otherwise provided by these Regulations; or |
| (b) | on prior application to him, the Authority has authorized a deviation from such practice. |
| (3) | Unsettled transactions which comply with the recognition criteria laid down in the Accounting Statement titled "Framework for the Preparation and Presentation of Financial Statements", issued by the International Accounting Standards Committee, shall be reflected in the balance sheet. |