§553.23. What information must I submit to support my net worth demonstration?
30 C.F.R. § 553.23
You must support your net worth evaluation with information contained in your previous fiscal year's audited annual financial statement.
Audited annual financial statements must be in the form of:
An annual report, prepared in accordance with the generally accepted accounting practices (GAAP) of the United States or other international accounting practices determined to be equivalent by BOEM; or
A Form 10-K or Form 20-F, prepared in accordance with Securities and Exchange Commission regulations.
Audited annual financial statements must be submitted together with a letter signed by your treasurer highlighting:
The State or the country of incorporation;
The total amount of the stockholders' equity as shown on the balance sheet;
The net amount of the plant, property, and equipment shown on the balance sheet; and
The net amount of the identifiable U.S. assets and the identifiable total assets in the auditor's notes to the financial statement (i.e., a geographic segmented business note).
Notes, amendments, and revision history
Authority
Authority: 33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended.
Source
Source: 76 FR 64623, Oct. 18, 2011, unless otherwise noted.