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Title 22, Foreign Relations and IntercourseRelease 119-110

§3721 Accounting Policies

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

Last updated Sep 22, 2026|Official source

Summary

Keep accounts under chapter 91 of title 31 and the rules in this part. Accounts must show all income (including Panama Canal tolls); capital spending for replacement, expansion, and improvement; all operation and maintenance costs and depreciation; payments to the Republic of Panama under the 1977 Treaty; and interest on U.S. investment calculated under section 3793. The Commission may make rules for asset accounting and may record depreciation on net replacement value spread evenly over an asset’s service life.

Full Legal Text

Title 22, §3721

Foreign Relations and Intercourse, Source: USLM XML via OLRC

(a)Establishment and maintenance of accounts; specifications
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)Regulations establishing the basis of accounting for assets
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

Sep 22, 2026

Release point: 119-110