§ 553.27. When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?
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/us/cfr/t30/s§ 553.27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.