diff --git a/Ledger/RawLedger.hs b/Ledger/RawLedger.hs
index 1883b2297..663c19422 100644
--- a/Ledger/RawLedger.hs
+++ b/Ledger/RawLedger.hs
@@ -106,6 +106,14 @@ filterRawLedgerTransactionsByRealness True (RawLedger ms ps es tls hs f) =
     RawLedger ms ps (map filtertxns es) tls hs f
     where filtertxns e@Entry{etransactions=ts} = e{etransactions=filter isReal ts}
 
+-- | Strip out any transactions to accounts deeper than the specified depth
+-- (and any entries which have no transactions as a result).
+filterRawLedgerTransactionsByDepth :: Int -> RawLedger -> RawLedger
+filterRawLedgerTransactionsByDepth depth (RawLedger ms ps es tls hs f) =
+    RawLedger ms ps (filter (not . null . etransactions) $ map filtertxns es) tls hs f
+    where filtertxns e@Entry{etransactions=ts} = 
+              e{etransactions=filter ((<= depth) . accountNameLevel . taccount) ts}
+
 -- | Keep only entries which affect accounts matched by the account patterns.
 filterRawLedgerEntriesByAccount :: [String] -> RawLedger -> RawLedger
 filterRawLedgerEntriesByAccount apats (RawLedger ms ps es tls hs f) =
diff --git a/PrintCommand.hs b/PrintCommand.hs
index 65c23d12c..73b69e87b 100644
--- a/PrintCommand.hs
+++ b/PrintCommand.hs
@@ -17,5 +17,9 @@ print' opts args l = putStr $ showEntries opts args l
 showEntries :: [Opt] -> [String] -> Ledger -> String
 showEntries opts args l = concatMap showEntry $ filteredentries
     where 
-      filteredentries = entries $ filterRawLedgerEntriesByAccount apats $ rawledger l
+      filteredentries = entries $ 
+                        filterRawLedgerTransactionsByDepth depth $ 
+                        filterRawLedgerEntriesByAccount apats $ 
+                        rawledger l
+      depth = depthFromOpts opts
       (apats,_) = parseAccountDescriptionArgs opts args
diff --git a/Tests.hs b/Tests.hs
index 9565f1e2c..88ae1cd61 100644
--- a/Tests.hs
+++ b/Tests.hs
@@ -196,7 +196,7 @@ tests = [
     ]
 
    ,"balance report with negative account pattern" ~:
-    ([], ["^assets"]) `gives`
+    ([], ["not:assets"]) `gives`
     ["                  $2  expenses"
     ,"                 $-2  income"
     ,"                  $1  liabilities"
@@ -205,10 +205,10 @@ tests = [
     ]
 
    ,"balance report negative account pattern always matches full name" ~: 
-    ([], ["^e"]) `gives` []
+    ([], ["not:e"]) `gives` []
 
    ,"balance report negative patterns affect totals" ~: 
-    ([], ["expenses","^food"]) `gives`
+    ([], ["expenses","not:food"]) `gives`
     ["                  $1  expenses"
     ,"--------------------"
     ,"                  $1"
@@ -381,7 +381,7 @@ tests = [
     "daily from aug"            `gives` "(Daily,DateSpan (Just 2008-08-01) Nothing)"
     "every week to 2009"        `gives` "(Weekly,DateSpan Nothing (Just 2009-01-01))"
 
-  ,"print command tests" ~: TestList
+  ,"print report tests" ~: TestList
   [
 
    "print expenses" ~:
@@ -395,6 +395,27 @@ tests = [
      ,"    assets:cash                                  $-2"
      ,""
      ]
+
+  , "print report with depth arg" ~:
+   do 
+    l <- sampleledger
+    showEntries [Depth "2"] [] l `is` unlines
+      ["2008/01/01 income"
+      ,"    income:salary                                $-1"
+      ,""
+      ,"2008/06/01 gift"
+      ,"    income:gifts                                 $-1"
+      ,""
+      ,"2008/06/03 * eat & shop"
+      ,"    expenses:food                                 $1"
+      ,"    expenses:supplies                             $1"
+      ,"    assets:cash                                  $-2"
+      ,""
+      ,"2008/12/31 * pay off"
+      ,"    liabilities:debts                             $1"
+      ,""
+      ]
+
   ]
 
   ,"punctuatethousands 1" ~: punctuatethousands "" `is` ""
@@ -488,7 +509,6 @@ tests = [
      ,"2008/12/31 pay off              liabilities:debts                $1          $-1"
      ]
 
-
   ,"show dollars" ~: show (dollars 1) ~?= "$1.00"
 
   ,"show hours" ~: show (hours 1) ~?= "1.0h"