12 C.F.R. § 624.101 Definitions.
Title 12 - Banks and Banking
For the purpose of this part, the following definitions apply: (a) Generally accepted accounting principles (GAAP) means that body of conventions, rules and procedures necessary to define accepted accounting practice at a particular time, as promulgated by the Financial Accounting Standards Board and other authoritative sources recognized as setting standards for the accounting profession in the United States. Generally accepted accounting principles shall include not only broad guidelines of general application but also detailed practices and procedures that constitute standards against which financial presentations are evaluated. (b) Institution means any bank or association chartered under the Act. (c) Loans outstanding means gross loans outstanding net of any participations sold at the end of each reporting period. The term loan includes loans, participations purchased, contracts of sale, notes receivable, and other similar obligations and lease financings. The term loan includes loans originated through direct negotiations between the reporting institution and a borrowing entity and loans or interest in loans purchased from another lender that are recorded as assets of a reporting institution. (d) Regulatory accounting practices (RAP) means those accounting methods and practices directed by statutory and regulatory requirements provided for in the Act and in this part and that are not in accordance with GAAP.
Title 12: Banks and Banking
PART 624—REGULATORY ACCOUNTING PRACTICES
§ 624.101 Definitions.
