Financial Audit Guidance: FY 2024 and FY 2025 Audit Procedures for Government Land.

GOVERNMENT ownership; UNITED States. Government Accountability Office; ACCOUNTING laws; ACCOUNTING standards; HISTORICAL costs (Accounting)

The article discusses the U.S. Government Accountability Office implementation of new accounting standards, specifically the Statement of Federal Financial Accounting Standards (SFFAS), for reporting government land in federal financial statements. It highlights the shift from historical cost reporting to estimating acres for different land categories and provides audit guidance for auditors to assess consistency and challenges in implementing these standards for fiscal years 2024 and 2025.