Accurate Accounting Standards Certification Act of 1997

Accurate Accounting Standards Certification Act of 1997 - Declares that accounting standards developed by the Financial Accounting Standards Board as of November 13, 1997, governing the treatment of derivatives and similar instruments shall not be considered to be generally accepted accounting principles. Prohibits their use by a depository institution for purpose of compliance with Federal banking law unless the appropriate Federal banking agency certifies in writing to the Congress that such standards: (1) reflect more accurately depository institution assets, liabilities, and earnings; and (2) will not have the effect of diminishing the use of risk management practices that would have the effect of inhibiting the safe and sound operation of a depository institution.