Data / Federal rules / 2024-27657
Internal Control Over Financial Reporting
The Farm Credit Administration published this proposed rule in the Federal Register on November 29, 2024. Comments closed on January 28, 2025.
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What the agency says
The Farm Credit Administration (FCA, we, or Agency) is seeking comments on this proposed rule to amend the reporting regulations to require Farm Credit System (System) associations that meet certain asset thresholds or conditions, as well as all System banks, to obtain annual attestation reports from their external auditors that express an opinion on the effectiveness of internal control over financial reporting (ICFR), are made in accordance with generally accepted auditing standards (GAAS) as promulgated by the American Institute for Certified Public Accountants ("AICPA") or the Public Company Accounting Oversight Board's ("PCAOB") auditing standards, and accompany management's assessment and be included with the System Institution's annual report (these attestation reports are hereinafter referred to as "Attestation Reports"). The proposed rule would also require Attestation Reports obtained by the Federal Farm Credit Banks Funding Corporation (Funding Corporation) be made in accordance with GAAS.
Key facts
- Document number
- 2024-27657
- Type
- Proposed rule
- Action
- Proposed rule
- Agency
- Farm Credit Administration
- Published
- November 29, 2024
- Comments due
- January 28, 2025
- Dates
- Comments on this proposed rule must be submitted on or before January 28, 2025.
- Regulation ID (RIN)
- 3052-AD56
- Code of Federal Regulations
- 12 CFR 620; 12 CFR 630
- Topics
- Accounting; Agriculture; Banks, banking; Organization and functions (Government agencies); Reporting and recordkeeping requirements; Rural areas
- Pages
- 5
Other documents from the Farm Credit Administration
| Document | Type | Published |
|---|---|---|
| Loan Performance Categories and Financial Reporting 2026-17440 | Final rule | Aug 26 |
| Loan Performance Categories and Financial Reporting 2026-15027 | Final rule | Jul 24 |
| Assessment and Apportionment of Administrative Expenses 2026-07903 | Proposed rule | Apr 23 |
| General Provisions 2026-06553 | Final rule | Apr 3 |
| Organization, Loan Policies and Operations, Disclosure to Shareholders, Nondiscrimination in Lending, Capital Adequacy of System Institutions, Disclosure to Investors 2026-04419 | Final rule | Mar 6 |
| Permanent Capital Revisions 2026-03923 | Proposed rule | Feb 27 |
| General Provisions 2026-03314 | Final rule | Feb 19 |
| Organization, Loan Policies and Operations, Disclosure to Shareholders, Nondiscrimination in Lending, Capital Adequacy of System Institutions, Disclosure to Investors 2026-01368 | Final rule | Jan 26 |
Everything from the Farm Credit Administration · Rules on accounting · Rules on agriculture · Rules on banks, banking · Published in November 2024
Read from the Federal Register API, last updated 2026-10-24. The document on federalregister.gov is the official record; dates and dockets can change through later corrections. Free to reuse with credit to SpecStream under CC BY 4.0.