In certain cases, multiple regulatory bodies affect a company's financial report- ing requirements. For example, in almost all jurisdictions around the world, banking-specific regulatory bodies establish requirements related to risk-based capital measurement, minimum capital adequacy, provisions for doubtful loans, and minimum monetary reserves. An awareness of such regulations provides an analyst with the context to understand a bank's business, including the objectives and scope of allowed activities. Insurance is another industry where specific regulations typically are in place. An analyst should be aware of such regulations to understand constraints on an insurance company. The following are examples of country-specific bank regulators. In Canada, the Office of the Superintendent of Financial Institutions regulates and super- vises all banks in Canada as well as some other federally incorporated or regis- tered financial institutions or intermediaries. In Germany, the German Federal Financial Supervisory Authority exercises supervision over financial institutions in accordance with the Banking Act. In Japan, the Financial Services Agency has regulatory authority over financial institutions. In the United States, the Office of the Comptroller of the Currency charters and regulates all national banks. In some countries, a single entity serves both as the central bank and as the regulatory body for the country's financial institutions. In addition, the Basel Accords establish and promote internationally consis- tent capital requirements and risk management practices for larger international banks. The Basel Committee on Banking Supervision, among other functions, has evolved into a standard setter for bank supervision. The various regulations that affect banks present a challenge for bank analysts. Which of the following statements is most accurate? A As a general rule, it is sufficient for an analyst covering an industry to be familiar with financial reporting standards and regulations in his/her country of residence. B An analyst should familiarize him/herself with the regulations and reporting standards that affect the company and/or industry that he/she is analyzing. C An analyst should be aware that financial reporting standards vary among countries and may be industry specific, but standards are so similar that the analyst does not have to be concerned about it.