The guidance relates to general property, plant, and equipment land and permanent land rights, and stewardship land and rights. Image: Joshua Rainey Photography/Shutterstock.com
By: FEDweek StaffGAO has issued guidance to agencies on additional requirements for agencies to report in their financial statements on their land and land rights, requirements that it said are intended to “increase transparency, comparability, consistency, and reliability of land information.”
The guidance relates to what is called general property, plant, and equipment land and permanent land rights (G-PP&E land), and stewardship land and land rights (stewardship land). The former traditionally has been reported at historical cost and reporting on the latter has been based on the number of physical units with no related cost information, the guidance says.
However, the Federal Accounting Standards Advisory Board in 2021 ordered additional reporting requirements on land holdings, with the full effective date delayed to 2026 to “allow preparers and auditors to identify implementation challenges and allow agencies to prepare for the transition of land information,” it says.
GAO said the guidance is intended to obtain additional information for fiscal years 2024 and 2025 for preparing for full compliance with the new reporting requirements, which have been listed as unaudited in financial statements since 2022. “The Board plans to consider preparation and audit challenges that preparers and auditors have identified during the transition, and, as appropriate, take actions to address them before the information transitions to the note disclosures,” it added.
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