§553.27. When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?

30 C.F.R. § 553.27

Any audited annual financial statements that you submit must:

(a)

Meet the standards in § 553.24; and

(b)

Include a certification by the independent accountant who audited the financial statements that states:

(1)

The value of the unencumbered assets is reasonable and uses the same valuation method used in your audited annual financial statements;

(2)

Any existing encumbrances are noted;

(3)

The assets are long-term assets held for use; and

(4)

The valuation method used in the audited annual financial statements is for long-term assets held for use.

Notes, amendments, and revision history

Authority: 33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended.

Source: 76 FR 64623, Oct. 18, 2011, unless otherwise noted.