Title 22 — Foreign Relations and IntercourseRelease 119-73

§3721 Accounting policies

Title 22 › Chapter CHAPTER 51— - PANAMA CANAL › Subchapter SUBCHAPTER I— - ADMINISTRATION AND REGULATIONS › Part Part 3— - Funds and Accounts › Subpart subpart ii— - accounting policies and audits › § 3721

Last updated Apr 6, 2026|Official source

Summary

The Commission must keep accounts under chapter 91 of title 31 and this part that show all revenues (including Panama Canal tolls); capital replacement, expansion, and improvement; maintenance and operating costs, including depreciation; payments to Panama under the Panama Canal Treaty of 1977; and interest on U.S. investment calculated under section 3793 of this title. The Commission may create accounting rules for assets it uses, allowing depreciation based on net replacement value and letting that depreciation be recorded evenly over the assets’ service lives.

Full Legal Text

Title 22, §3721

Foreign Relations and Intercourse — Source: USLM XML via OLRC

(a)The Commission shall establish and maintain its accounts pursuant to chapter 91 of title 31 and the provisions of this part. Such accounts shall specify all revenues received by the Commission, including tolls for the use of the Panama Canal, expenditures for capital replacement, expansion, and improvement, and all costs of maintenance and operation of the Panama Canal and of its complementary works, installations, and equipment, including depreciation, payments to the Republic of Panama under the Panama Canal Treaty of 1977, and interest on the investment of the United States calculated in accordance with section 3793 of this title.

(b)The Commission may issue regulations establishing the basis of accounting for the assets which are made available for the use of the Commission. Such regulations may provide for depreciation of the net replacement value of the assets which will ultimately require replacement to maintain the service capacity of the Panama Canal. Such regulations may also provide that depreciation of such assets be recorded ratably over their service lives.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

Amendments

1996—Subsec. (a). Pub. L. 104–201 substituted “chapter 91 of title 31” for “the Accounting and Auditing Act of 1950 (31 U.S.C. 65 et seq.)”.

Reference

Citations & Metadata

Citation

22 U.S.C. § 3721

Title 22 — Foreign Relations and Intercourse

Last Updated

Apr 6, 2026

Release point: 119-73