diff --git a/hledger-lib/Hledger/Data/Account.hs b/hledger-lib/Hledger/Data/Account.hs
index 66bd94499..b4c950cfd 100644
--- a/hledger-lib/Hledger/Data/Account.hs
+++ b/hledger-lib/Hledger/Data/Account.hs
@@ -175,11 +175,11 @@ clipAccounts d a = a{asubs=subs}
 -- | Remove subaccounts below the specified depth, aggregating their balance at the depth limit
 -- (accounts at the depth limit will have any sub-balances merged into their exclusive balance).
 -- If the depth is Nothing, return the original accounts
-clipAccountsAndAggregate :: Maybe Int -> [Account] -> [Account]
-clipAccountsAndAggregate Nothing  as = as
-clipAccountsAndAggregate (Just d) as = combined
+clipAccountsAndAggregate :: DepthSpec -> [Account] -> [Account]
+clipAccountsAndAggregate (DepthSpec Nothing []) as = as
+clipAccountsAndAggregate d                      as = combined
     where
-      clipped  = [a{aname=clipOrEllipsifyAccountName (Just d) $ aname a} | a <- as]
+      clipped  = [a{aname=clipOrEllipsifyAccountName d $ aname a} | a <- as]
       combined = [a{aebalance=maSum $ map aebalance same}
                  | same@(a:_) <- groupOn aname clipped]
 {-
diff --git a/hledger-lib/Hledger/Data/AccountName.hs b/hledger-lib/Hledger/Data/AccountName.hs
index 245de2f76..a733194fc 100644
--- a/hledger-lib/Hledger/Data/AccountName.hs
+++ b/hledger-lib/Hledger/Data/AccountName.hs
@@ -35,6 +35,7 @@ module Hledger.Data.AccountName (
   ,acctsepchar
   ,clipAccountName
   ,clipOrEllipsifyAccountName
+  ,getAccountNameClippedDepth
   ,elideAccountName
   ,escapeName
   ,expandAccountName
@@ -61,9 +62,10 @@ where
 
 import Control.Applicative ((<|>))
 import Control.Monad (foldM)
-import Data.Foldable (asum, toList)
+import Data.Foldable (asum, find, toList)
 import qualified Data.List.NonEmpty as NE
 import qualified Data.Map as M
+import Data.Maybe (mapMaybe)
 import Data.MemoUgly (memo)
 import qualified Data.Set as S
 import Data.Text (Text)
@@ -335,18 +337,54 @@ elideAccountName width s
           | otherwise = done++ss
 
 -- | Keep only the first n components of an account name, where n
--- is a positive integer. If n is Just 0, returns the empty string, if n is
--- Nothing, return the full name.
-clipAccountName :: Maybe Int -> AccountName -> AccountName
-clipAccountName Nothing  = id
-clipAccountName (Just n) = accountNameFromComponents . take n . accountNameComponents
+-- is a positive integer.
+clipAccountNameTo :: Int -> AccountName -> AccountName
+clipAccountNameTo n = accountNameFromComponents . take n . accountNameComponents
 
--- | Keep only the first n components of an account name, where n
--- is a positive integer. If n is Just 0, returns "...", if n is Nothing, return
--- the full name.
-clipOrEllipsifyAccountName :: Maybe Int -> AccountName -> AccountName
-clipOrEllipsifyAccountName (Just 0) = const "..."
-clipOrEllipsifyAccountName n        = clipAccountName n
+-- | Calculate the depth to which an account name should be clipped for a given
+-- 'DepthSpec'.
+--
+-- First checking whether the account name matches any of the regular
+-- expressions controlling depth. If so, clip to the depth of the most specific
+-- of those matches, i.e. the one which starts matching the latest as you
+-- progress up the parents of the account. Otherwise clip to the flat depth
+-- provided, or return the full name if Nothing.
+getAccountNameClippedDepth :: DepthSpec -> AccountName -> Maybe Int
+getAccountNameClippedDepth (DepthSpec flat regexps) acctName =
+    mostSpecificRegexp regexps <|> flat
+  where
+    -- If any regular expressions match, choose the one with the greatest
+    -- specificity and clip to that depth.
+    mostSpecificRegexp = fmap snd . foldr takeMax Nothing . mapMaybe matchRegexp
+      where
+        -- If two regexps match, take the most specific one. If there is a tie,
+        -- take the last one (this aligns with the behaviour for flat depths
+        -- limiting).
+        takeMax (s, d) (Just (s', d')) = Just $ if s'>= s then (s', d') else (s, d)
+        takeMax (s, d) Nothing = Just (s, d)
+
+    -- If the regular expression matches the account name, store the specificity and requested depth
+    matchRegexp :: (Regexp, Int) -> Maybe (Int, Int)
+    matchRegexp (r, d) = if regexMatchText r acctName then Just (getSpecificity r, d) else Nothing
+    -- Specificity is the smallest parent of the account which matches the regular expression
+    getSpecificity r = maybe maxBound fst $ find (regexMatchText r . snd) acctParents
+    acctParents = zip [1..] . initDef [] $ expandAccountName acctName
+
+-- | Clip an account name to a given 'DepthSpec', first checking whether it
+-- matches any of the regular expressions controlling depth. If so, clip to the
+-- depth of the most specific of those matches, i.e. the one which starts
+-- matching the latest as you progress up the parents of the account. Otherwise
+-- clip to the flat depth provided, or return the full name if Nothing.
+clipAccountName :: DepthSpec -> AccountName -> AccountName
+clipAccountName ds a = maybe id clipAccountNameTo (getAccountNameClippedDepth ds a) a
+
+-- | As 'clipAccountName', but return '...' if asked to clip to depth 0.
+clipOrEllipsifyAccountName :: DepthSpec -> AccountName -> AccountName
+clipOrEllipsifyAccountName ds a = go (getAccountNameClippedDepth ds a)
+  where
+    go Nothing  = a
+    go (Just 0) = "..."
+    go (Just n) = clipAccountNameTo n a
 
 -- | Escape an AccountName for use within a regular expression.
 -- >>> putStr . T.unpack $ escapeName "First?!#$*?$(*) !@^#*? %)*!@#"
diff --git a/hledger-lib/Hledger/Data/Types.hs b/hledger-lib/Hledger/Data/Types.hs
index 49b84da9f..35569084b 100644
--- a/hledger-lib/Hledger/Data/Types.hs
+++ b/hledger-lib/Hledger/Data/Types.hs
@@ -44,6 +44,7 @@ import Data.List (intercalate, sortBy)
 --The stored values don't represent large virtual data structures to be lazily computed.
 import qualified Data.Map as M
 import Data.Ord (comparing)
+import Data.Semigroup (Min(..))
 import Data.Text (Text)
 import qualified Data.Text as T
 import Data.Time.Calendar (Day)
@@ -156,6 +157,19 @@ type Payee = Text
 
 type AccountName = Text
 
+-- A specification indicating how to depth-limit
+data DepthSpec = DepthSpec {
+  dsFlatDepth    :: Maybe Int,
+  dsRegexpDepths :: [(Regexp, Int)]
+  } deriving (Eq,Show)
+
+-- Semigroup instance consider all regular expressions, but take the minimum of the simple flat depths
+instance Semigroup DepthSpec where
+    DepthSpec d1 l1 <> DepthSpec d2 l2 = DepthSpec (getMin <$> (Min <$> d1) <> (Min <$> d2)) (l1 ++ l2)
+
+instance Monoid DepthSpec where
+    mempty = DepthSpec Nothing []
+
 data AccountType =
     Asset
   | Liability
diff --git a/hledger-lib/Hledger/Query.hs b/hledger-lib/Hledger/Query.hs
index 72c3013fd..bd950ffd6 100644
--- a/hledger-lib/Hledger/Query.hs
+++ b/hledger-lib/Hledger/Query.hs
@@ -23,6 +23,7 @@ module Hledger.Query (
   parseQueryList,
   parseQueryTerm,
   parseAccountType,
+  parseDepthSpec,
   -- * modifying
   simplifyQuery,
   filterQuery,
@@ -82,7 +83,7 @@ import Data.Maybe (fromMaybe, isJust, mapMaybe)
 import Data.Text (Text)
 import qualified Data.Text as T
 import Data.Time.Calendar (Day, fromGregorian )
-import Safe (headErr, readDef, readMay, maximumByMay, maximumMay, minimumMay)
+import Safe (headErr, readMay, maximumByMay, maximumMay, minimumMay)
 import Text.Megaparsec (between, noneOf, sepBy, try, (<?>), notFollowedBy)
 import Text.Megaparsec.Char (char, string, string')
 
@@ -116,6 +117,7 @@ data Query =
   | Acct Regexp               -- ^ match account names infix-matched by this regexp
   | Type [AccountType]        -- ^ match accounts whose type is one of these (or with no types, any account)
   | Depth Int                 -- ^ match if account depth is less than or equal to this value (or, sometimes used as a display option)
+  | DepthAcct Regexp Int      -- ^ match if the account matches and account depth is less than or equal to this value (usually used as a display option)
   | Real Bool                 -- ^ match postings with this "realness" value
   | Amt OrdPlus Quantity      -- ^ match if the amount's numeric quantity is less than/greater than/equal to/unsignedly equal to some value
   | Sym Regexp                -- ^ match if the commodity symbol is fully-matched by this regexp
@@ -301,11 +303,7 @@ parseQueryTerm _ (T.stripPrefix "status:" -> Just s) =
                               Right st -> Right (StatusQ st, [])
 parseQueryTerm _ (T.stripPrefix "real:" -> Just s) = Right (Real $ parseBool s || T.null s, [])
 parseQueryTerm _ (T.stripPrefix "amt:" -> Just s) = Right (Amt ord q, []) where (ord, q) = either error id $ parseAmountQueryTerm s  -- PARTIAL:
-parseQueryTerm _ (T.stripPrefix "depth:" -> Just s)
-  | n >= 0    = Right (Depth n, [])
-  | otherwise = Left "depth: should have a positive number"
-  where n = readDef 0 (T.unpack s)
-
+parseQueryTerm _ (T.stripPrefix "depth:" -> Just s) = (,[]) <$> parseDepthSpecQuery s
 parseQueryTerm _ (T.stripPrefix "cur:" -> Just s) = (,[]) . Sym <$> toRegexCI ("^" <> s <> "$") -- support cur: as an alias
 parseQueryTerm _ (T.stripPrefix "tag:" -> Just s) = (,[]) <$> parseTag s
 parseQueryTerm _ (T.stripPrefix "type:" -> Just s) = (,[]) <$> parseTypeCodes s
@@ -473,6 +471,25 @@ parseTag s = do
     return $ Tag tag body
   where (n,v) = T.break (=='=') s
 
+parseDepthSpec :: T.Text -> Either RegexError DepthSpec
+parseDepthSpec s = do
+    let depthString = T.unpack $ if T.null b then a else T.tail b
+    depth <- case readMay depthString of
+        Just d | d >= 0 -> Right d
+        _ -> Left $ "depth: should be a positive number, but received " ++ depthString
+    regexp <- mapM toRegexCI $ if T.null b then Nothing else Just a
+    return $ case regexp of
+      Nothing -> DepthSpec (Just depth) []
+      Just r  -> DepthSpec Nothing [(r, depth)]
+  where
+    (a,b) = T.break (=='=') s
+
+parseDepthSpecQuery :: T.Text -> Either RegexError Query
+parseDepthSpecQuery s = do
+    DepthSpec flat rs <- parseDepthSpec s
+    let regexps = map (uncurry DepthAcct) rs
+    return . And $ maybe id (\d -> (Depth d :)) flat regexps
+
 -- | Parse one or more account type code letters to a query matching any of those types.
 parseTypeCodes :: T.Text -> Either String Query
 parseTypeCodes s =
@@ -639,6 +656,7 @@ queryIsType _ = False
 
 queryIsDepth :: Query -> Bool
 queryIsDepth (Depth _) = True
+queryIsDepth (DepthAcct _ _) = True
 queryIsDepth _ = False
 
 queryIsReal :: Query -> Bool
@@ -749,13 +767,12 @@ latestMaybeDate' = fromMaybe Nothing . maximumByMay compareNothingMax
     compareNothingMax (Just a) (Just b) = compare a b
 
 -- | The depth limit this query specifies, if it has one
-queryDepth :: Query -> Maybe Int
-queryDepth = minimumMay . queryDepth'
-  where
-    queryDepth' (Depth d) = [d]
-    queryDepth' (Or qs)   = concatMap queryDepth' qs
-    queryDepth' (And qs)  = concatMap queryDepth' qs
-    queryDepth' _         = []
+queryDepth :: Query -> DepthSpec
+queryDepth (Or qs)         = foldMap queryDepth qs
+queryDepth (And qs)        = foldMap queryDepth qs
+queryDepth (Depth d)       = DepthSpec (Just d) []
+queryDepth (DepthAcct r d) = DepthSpec Nothing [(r,d)]
+queryDepth _               = mempty
 
 -- | The account we are currently focussed on, if any, and whether subaccounts are included.
 -- Just looks at the first query option.
@@ -819,6 +836,7 @@ matchesAccount (Or ms) a = any (`matchesAccount` a) ms
 matchesAccount (And ms) a = all (`matchesAccount` a) ms
 matchesAccount (Acct r) a = regexMatchText r a
 matchesAccount (Depth d) a = accountNameLevel a <= d
+matchesAccount (DepthAcct r d) a = accountNameLevel a <= d || not (regexMatchText r a)
 matchesAccount (Tag _ _) _ = False
 matchesAccount _ _ = True
 
@@ -855,6 +873,7 @@ matchesPosting (Date2 spn) p = spn `spanContainsDate` postingDate2 p
 matchesPosting (StatusQ s) p = postingStatus p == s
 matchesPosting (Real v) p = v == isReal p
 matchesPosting q@(Depth _) Posting{paccount=a} = q `matchesAccount` a
+matchesPosting q@(DepthAcct _ _) Posting{paccount=a} = q `matchesAccount` a
 matchesPosting q@(Amt _ _) Posting{pamount=as} = q `matchesMixedAmount` as
 matchesPosting (Sym r) Posting{pamount=as} = any (matchesCommodity (Sym r) . acommodity) $ amountsRaw as
 matchesPosting (Tag n v) p = case (reString n, v) of
@@ -897,7 +916,8 @@ matchesTransaction (Date2 spn) t = spanContainsDate spn $ transactionDate2 t
 matchesTransaction (StatusQ s) t = tstatus t == s
 matchesTransaction (Real v) t = v == hasRealPostings t
 matchesTransaction q@(Amt _ _) t = any (q `matchesPosting`) $ tpostings t
-matchesTransaction (Depth d) t = any (Depth d `matchesPosting`) $ tpostings t
+matchesTransaction q@(Depth _) t = any (q `matchesPosting`) $ tpostings t
+matchesTransaction q@(DepthAcct _ _) t = any (q `matchesPosting`) $ tpostings t
 matchesTransaction q@(Sym _) t = any (q `matchesPosting`) $ tpostings t
 matchesTransaction (Tag n v) t = case (reString n, v) of
   ("payee", Just v') -> regexMatchText v' $ transactionPayee t
diff --git a/hledger-lib/Hledger/Reports/BalanceReport.hs b/hledger-lib/Hledger/Reports/BalanceReport.hs
index 8d6eb3498..5b54db6cc 100644
--- a/hledger-lib/Hledger/Reports/BalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/BalanceReport.hs
@@ -149,7 +149,7 @@ tests_BalanceReport = testGroup "BalanceReport" [
        mixedAmount (usd 0))
 
     ,testCase "with --depth=N" $
-     (defreportspec{_rsReportOpts=defreportopts{depth_=Just 1}}, samplejournal) `gives`
+     (defreportspec{_rsReportOpts=defreportopts{depth_=DepthSpec (Just 1) []}}, samplejournal) `gives`
       ([
        ("expenses",    "expenses",     0, mixedAmount (usd 2))
        ,("income",      "income",      0, mixedAmount (usd (-2)))
@@ -222,7 +222,7 @@ tests_BalanceReport = testGroup "BalanceReport" [
        ]
 
       ,testCase "accounts report with account pattern o and --depth 1" ~:
-       defreportopts{patterns_=["o"],depth_=Just 1} `gives`
+       defreportopts{patterns_=["o"],depth_=(Just 1, [])} `gives`
        ["                  $1  expenses"
        ,"                 $-2  income"
        ,"--------------------"
diff --git a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
index f2524e3b3..6011f9b75 100644
--- a/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
+++ b/hledger-lib/Hledger/Reports/MultiBalanceReport.hs
@@ -289,10 +289,12 @@ acctChanges ReportSpec{_rsQuery=query,_rsReportOpts=ReportOpts{accountlistmode_,
               filterQueryOrNotQuery (\q -> queryIsAcct q || queryIsType q || queryIsTag q) query
 
     filterbydepth = case accountlistmode_ of
-      ALTree -> filter ((depthq `matchesAccount`) . aname)    -- a tree - just exclude deeper accounts
-      ALFlat -> clipAccountsAndAggregate (queryDepth depthq)  -- a list - aggregate deeper accounts at the depth limit
-                . filter ((0<) . anumpostings)                -- and exclude empty parent accounts
-      where depthq = dbg3 "depthq" $ filterQuery queryIsDepth query
+        ALTree -> filter (depthMatches . aname)       -- a tree - just exclude deeper accounts
+        ALFlat -> clipAccountsAndAggregate depthSpec  -- a list - aggregate deeper accounts at the depth limit
+                  . filter ((0<) . anumpostings)      -- and exclude empty parent accounts
+      where
+        depthSpec = dbg3 "depthq" . queryDepth $ filterQuery queryIsDepth query
+        depthMatches name = maybe True (accountNameLevel name <=) $ getAccountNameClippedDepth depthSpec name
 
     accts = filterbydepth $ drop 1 $ accountsFromPostings ps'
 
@@ -409,8 +411,8 @@ displayedAccounts :: ReportSpec
                   -> HashMap AccountName (Map DateSpan Account)
                   -> HashMap AccountName DisplayName
 displayedAccounts ReportSpec{_rsQuery=query,_rsReportOpts=ropts} unelidableaccts valuedaccts
-    | qdepth == 0 = HM.singleton "..." $ DisplayName "..." "..." 0
-    | otherwise  = HM.mapWithKey (\a _ -> displayedName a) displayedAccts
+    | qdepthIsZero = HM.singleton "..." $ DisplayName "..." "..." 0
+    | otherwise    = HM.mapWithKey (\a _ -> displayedName a) displayedAccts
   where
     displayedName name = case accountlistmode_ ropts of
         ALTree -> DisplayName name leaf (max 0 $ level - 1 - boringParents)
@@ -425,19 +427,20 @@ displayedAccounts ReportSpec{_rsQuery=query,_rsReportOpts=ropts} unelidableaccts
         notDisplayed  = not . (`HM.member` displayedAccts)
 
     -- Accounts which are to be displayed
-    displayedAccts = (if qdepth == 0 then id else HM.filterWithKey keep) valuedaccts
+    displayedAccts = (if qdepthIsZero then id else HM.filterWithKey keep) valuedaccts
       where
         keep name amts = isInteresting name amts || name `HM.member` interestingParents
 
     -- Accounts interesting for their own sake
     isInteresting name amts =
-        d <= qdepth                                  -- Throw out anything too deep
+        d <= qdepth                                -- Throw out anything too deep
         && ( name `Set.member` unelidableaccts     -- Unelidable accounts should be kept unless too deep
            ||(empty_ ropts && keepWhenEmpty amts)  -- Keep empty accounts when called with --empty
            || not (isZeroRow balance amts)         -- Keep everything with a non-zero balance in the row
            )
       where
         d = accountNameLevel name
+        qdepth = fromMaybe maxBound $ getAccountNameClippedDepth depthspec name
         keepWhenEmpty = case accountlistmode_ ropts of
             ALFlat -> const True          -- Keep all empty accounts in flat mode
             ALTree -> all (null . asubs)  -- Keep only empty leaves in tree mode
@@ -455,7 +458,8 @@ displayedAccounts ReportSpec{_rsQuery=query,_rsReportOpts=ropts} unelidableaccts
         minSubs = if no_elide_ ropts then 1 else 2
 
     isZeroRow balance = all (mixedAmountLooksZero . balance)
-    qdepth = fromMaybe maxBound $ queryDepth query
+    depthspec = queryDepth query
+    qdepthIsZero = depthspec == DepthSpec (Just 0) []
     numSubs = subaccountTallies . HM.keys $ HM.filterWithKey isInteresting valuedaccts
 
 -- | Sort the rows by amount or by account declaration order.
diff --git a/hledger-lib/Hledger/Reports/PostingsReport.hs b/hledger-lib/Hledger/Reports/PostingsReport.hs
index 220e90001..146bf9e56 100644
--- a/hledger-lib/Hledger/Reports/PostingsReport.hs
+++ b/hledger-lib/Hledger/Reports/PostingsReport.hs
@@ -71,7 +71,7 @@ postingsReport rspec@ReportSpec{_rsReportOpts=ropts@ReportOpts{..}} j = items
     where
       (reportspan, colspans) = reportSpanBothDates j rspec
       whichdate   = whichDate ropts
-      mdepth      = queryDepth $ _rsQuery rspec
+      depthSpec   = queryDepth $ _rsQuery rspec
       multiperiod = interval_ /= NoInterval
 
       -- postings to be included in the report, and similarly-matched postings before the report start date
@@ -82,7 +82,7 @@ postingsReport rspec@ReportSpec{_rsReportOpts=ropts@ReportOpts{..}} j = items
         | multiperiod = [(p', Just period') | (p', period') <- summariseps reportps]
         | otherwise   = [(p', Nothing) | p' <- reportps]
         where
-          summariseps = summarisePostingsByInterval whichdate mdepth showempty colspans
+          summariseps = summarisePostingsByInterval whichdate (dsFlatDepth depthSpec) showempty colspans
           showempty = empty_ || average_
 
       sortedps = if sortspec_ /= defsortspec then sortPostings ropts sortspec_ displayps else displayps
@@ -90,7 +90,7 @@ postingsReport rspec@ReportSpec{_rsReportOpts=ropts@ReportOpts{..}} j = items
       -- Posting report items ready for display.
       items =
         dbg4 "postingsReport items" $
-        postingsReportItems postings (nullposting,Nothing) whichdate mdepth startbal runningcalc startnum
+        postingsReportItems postings (nullposting,Nothing) whichdate depthSpec startbal runningcalc startnum
         where
           -- In historical mode we'll need a starting balance, which we
           -- may be converting to value per hledger_options.m4.md "Effect
@@ -180,7 +180,7 @@ matchedPostingsBeforeAndDuring rspec@ReportSpec{_rsReportOpts=ropts,_rsQuery=q}
 
 -- | Generate postings report line items from a list of postings or (with
 -- non-Nothing periods attached) summary postings.
-postingsReportItems :: [(Posting,Maybe Period)] -> (Posting,Maybe Period) -> WhichDate -> Maybe Int -> MixedAmount -> (Int -> MixedAmount -> MixedAmount -> MixedAmount) -> Int -> [PostingsReportItem]
+postingsReportItems :: [(Posting,Maybe Period)] -> (Posting,Maybe Period) -> WhichDate -> DepthSpec -> MixedAmount -> (Int -> MixedAmount -> MixedAmount -> MixedAmount) -> Int -> [PostingsReportItem]
 postingsReportItems [] _ _ _ _ _ _ = []
 postingsReportItems ((p,mperiod):ps) (pprev,mperiodprev) wd d b runningcalcfn itemnum =
     i:(postingsReportItems ps (p,mperiod) wd d b' runningcalcfn (itemnum+1))
@@ -237,7 +237,7 @@ summarisePostingsInDateSpan spn@(DateSpan b e) wd mdepth showempty ps
     postingdate = if wd == PrimaryDate then postingDate else postingDate2
     b' = maybe (maybe nulldate postingdate $ headMay ps) fromEFDay b
     summaryp = nullposting{pdate=Just b'}
-    clippedanames = nub $ map (clipAccountName mdepth) anames
+    clippedanames = nub $ map (clipAccountName (DepthSpec mdepth [])) anames
     summaryps | mdepth == Just 0 = [summaryp{paccount="...",pamount=sumPostings ps}]
               | otherwise        = [summaryp{paccount=a,pamount=balance a} | a <- clippedanames]
     summarypes = map (, dateSpanAsPeriod spn) $ (if showempty then id else filter (not . mixedAmountLooksZero . pamount)) summaryps
diff --git a/hledger-lib/Hledger/Reports/ReportOptions.hs b/hledger-lib/Hledger/Reports/ReportOptions.hs
index ec3f9efab..461239895 100644
--- a/hledger-lib/Hledger/Reports/ReportOptions.hs
+++ b/hledger-lib/Hledger/Reports/ReportOptions.hs
@@ -75,6 +75,7 @@ import Data.Char (toLower)
 import Data.Either (fromRight)
 import Data.Either.Extra (eitherToMaybe)
 import Data.Functor.Identity (Identity(..))
+import Data.List (partition)
 import Data.List.Extra (find, isPrefixOf, nubSort, stripPrefix)
 import Data.Maybe (fromMaybe, isJust, isNothing)
 import qualified Data.Text as T
@@ -134,7 +135,7 @@ data ReportOpts = ReportOpts {
     ,conversionop_     :: Maybe ConversionOp  -- ^ Which operation should we apply to conversion transactions?
     ,value_            :: Maybe ValuationType  -- ^ What value should amounts be converted to ?
     ,infer_prices_     :: Bool      -- ^ Infer market prices from transactions ?
-    ,depth_            :: Maybe Int
+    ,depth_            :: DepthSpec
     ,date2_            :: Bool
     ,empty_            :: Bool
     ,no_elide_         :: Bool
@@ -194,7 +195,7 @@ defreportopts = ReportOpts
     , conversionop_     = Nothing
     , value_            = Nothing
     , infer_prices_     = False
-    , depth_            = Nothing
+    , depth_            = DepthSpec Nothing []
     , date2_            = False
     , empty_            = False
     , no_elide_         = False
@@ -251,7 +252,7 @@ rawOptsToReportOpts d usecoloronstdout rawopts =
           ,conversionop_     = conversionOpFromRawOpts rawopts
           ,value_            = valuationTypeFromRawOpts rawopts
           ,infer_prices_     = boolopt "infer-market-prices" rawopts
-          ,depth_            = maybeposintopt "depth" rawopts
+          ,depth_            = depthFromRawOpts rawopts
           ,date2_            = boolopt "date2" rawopts
           ,empty_            = boolopt "empty" rawopts
           ,no_elide_         = boolopt "no-elide" rawopts
@@ -541,6 +542,21 @@ conversionOpFromRawOpts rawopts
       | n == "value", takeWhile (/=',') v `elem` ["cost", "c"] = Just ToCost  -- keep supporting --value=cost for now
       | otherwise                                   = Nothing
 
+-- | Parse the depth arguments. This can be either a flat depth that applies to
+-- all accounts, or a regular expression and depth, which only matches certain
+-- accounts. If an account name is matched by a regular expression, then the
+-- smallest depth is used. Otherwise, if no regular expressions match, then the
+-- flat depth is used. If more than one flat depth is supplied, use only the
+-- last one.
+depthFromRawOpts :: RawOpts -> DepthSpec
+depthFromRawOpts rawopts = lastDef mempty flats <> mconcat regexps
+  where
+    (flats, regexps) = partition (\(DepthSpec f rs) -> isJust f && null rs) depthSpecs
+    depthSpecs = case mapM (parseDepthSpec . T.pack) depths of
+      Right d -> d
+      Left err -> usageError $ "Unable to parse depth specification: " ++ err
+    depths = listofstringopt "depth" rawopts
+
 -- | Select the Transaction date accessor based on --date2.
 transactionDateFn :: ReportOpts -> (Transaction -> Day)
 transactionDateFn ReportOpts{..} = if date2_ then transactionDate2 else tdate
@@ -667,11 +683,13 @@ queryFromFlags :: ReportOpts -> Query
 queryFromFlags ReportOpts{..} = simplifyQuery $ And flagsq
   where
     flagsq = consIf   Real  real_
-           . consJust Depth depth_
-           $   [ (if date2_ then Date2 else Date) $ periodAsDateSpan period_
+           . consJust Depth flatDepth
+           $ map (uncurry DepthAcct) regexpDepths
+           ++  [ (if date2_ then Date2 else Date) $ periodAsDateSpan period_
                , Or $ map StatusQ statuses_
                ]
     consIf f b = if b then (f True:) else id
+    DepthSpec flatDepth regexpDepths = depth_
     consJust f = maybe id ((:) . f)
 
 -- Methods/types needed for --sort argument
@@ -891,7 +909,7 @@ class HasReportOptsNoUpdate a => HasReportOpts a where
     statuses = reportOpts.statusesNoUpdate
     {-# INLINE statuses #-}
 
-    depth :: ReportableLens' a (Maybe Int)
+    depth :: ReportableLens' a DepthSpec
     depth = reportOpts.depthNoUpdate
     {-# INLINE depth #-}
 
diff --git a/hledger/Hledger/Cli/Commands/Aregister.hs b/hledger/Hledger/Cli/Commands/Aregister.hs
index 0c6efead2..1ce330f3b 100644
--- a/hledger/Hledger/Cli/Commands/Aregister.hs
+++ b/hledger/Hledger/Cli/Commands/Aregister.hs
@@ -98,7 +98,7 @@ aregister opts@CliOpts{rawopts_=rawopts,reportspec_=rspec} j = do
     thisacctq = Acct $ (if inclusive then accountNameToAccountRegex else accountNameToAccountOnlyRegex) acct
     ropts' = (_rsReportOpts rspec) {
         -- ignore any depth limit, as in postingsReport; allows register's total to match balance reports (cf #1468)
-        depth_=Nothing
+        depth_=DepthSpec Nothing []
       , balanceaccum_ =
           case balanceaccum_ $ _rsReportOpts rspec of
             PerPeriod -> Historical
diff --git a/hledger/test/balance/depth.test b/hledger/test/balance/depth.test
index 85358e2ba..49fafea9f 100644
--- a/hledger/test/balance/depth.test
+++ b/hledger/test/balance/depth.test
@@ -7,11 +7,35 @@ $ hledger -f sample.journal balance --no-total --depth 1
                  $-2  income
                   $1  liabilities
 
-# ** 2. Depth 0 aggregates everything into one line
+# ** 2. If more than one flat depth, take the later one, when the later is smaller
+$ hledger -f sample.journal balance --no-total --depth 2 --depth 1
+                 $-1  assets
+                  $2  expenses
+                 $-2  income
+                  $1  liabilities
+
+# ** 3. If more than one flat depth, take the later one, when the later is bigger
+$ hledger -f sample.journal balance --no-total --depth 1 --depth 2
+                  $1  assets:bank
+                 $-2  assets:cash
+                  $1  expenses:food
+                  $1  expenses:supplies
+                 $-1  income:gifts
+                 $-1  income:salary
+                  $1  liabilities:debts
+
+# ** 4. If more than one flat depth when supplied with query terms, take the smaller one, even if it's not last
+$ hledger -f sample.journal balance --no-total depth:1 depth:2
+                 $-1  assets
+                  $2  expenses
+                 $-2  income
+                  $1  liabilities
+
+# ** 5. Depth 0 aggregates everything into one line
 $ hledger -f sample.journal balance --no-total --depth 0 assets
                  $-1  ...
 
-# ** 3. Ditto in a multi-column balance report.
+# ** 6. Ditto in a multi-column balance report.
 $ hledger -f sample.journal balance -M -e 2008/2 --depth 0 assets
 Balance changes in 2008-01:
 
@@ -20,3 +44,50 @@ Balance changes in 2008-01:
  ... ||  $1 
 -----++-----
      ||  $1 
+
+# ** 7. Aggregate at different levels for regular expressions
+$ hledger -f sample.journal balance --no-total --depth assets=1 --depth 2
+                 $-1  assets
+                  $1  expenses:food
+                  $1  expenses:supplies
+                 $-1  income:gifts
+                 $-1  income:salary
+                  $1  liabilities:debts
+
+# ** 8. If two regexps match, use the more specific one
+$ hledger -f sample.journal balance --no-total --depth assets:bank=2 --depth assets=1 assets
+                 $-2  assets
+                  $1  assets:bank
+
+# ** 9. If a regexp matches, don't use the flat depth
+$ hledger -f sample.journal balance --no-total --depth assets=2 --depth 1
+                  $1  assets:bank
+                 $-2  assets:cash
+                  $2  expenses
+                 $-2  income
+                  $1  liabilities
+
+# ** 10. Aggregate at different levels for regular expressions for tree mode
+$ hledger -f sample.journal balance --no-total --depth assets=1 --depth 2 --tree
+                 $-1  assets
+                  $2  expenses
+                  $1    food
+                  $1    supplies
+                 $-2  income
+                 $-1    gifts
+                 $-1    salary
+                  $1  liabilities:debts
+
+# ** 11. If a regexp matches, don't use the flat depth in tree mode
+$ hledger -f sample.journal balance --no-total --depth assets=2 --depth 1 --tree
+                 $-1  assets
+                  $1    bank
+                 $-2    cash
+                  $2  expenses
+                 $-2  income
+                  $1  liabilities
+
+# ** 12. If two regexps match, use the more specific one in tree mode
+$ hledger -f sample.journal balance --no-total --depth assets:bank=2 --depth assets=1 --tree assets
+                 $-1  assets
+                  $1    bank