AAPC: Accounting and Auditing Policy Committee

AAPC Stewardship Guidance Work Group

In October 2001 the AAPC released the draft Reporting and Assurance Guide for Stewardship Land and Heritage Assets (the Guide) for comment. To date the AAPC has received 5 comment letters. Two of the letters had very minor comments, however both suggested that the AAPC delay final release of the Guide until FASAB has completed its work on Required Supplemental Stewardship Information (RSSI). In another comment letter the primary focus was on Section2: Determining Materiality, specifically the overall concepts outlined the section. The fourth letter expressed concern that the Guide did not adequately address the accountability of heritage asset held by the Federal government. The final comment letter received expressed concerns about the overall format of the document, as well as many of the concepts outlined in the Guide.

At its January 2002 meeting the AAPC decided to revise the Guide as the FASAB work on the RSSI projects progressed and not finalized the Guide the until FASAB work was completed. Given the current “holding pattern” of the Guide, the AAPC has also decided not to attempt revising the current draft based on any of the comment letters at this time. The AAPC will re-evaluate the comment letters again once the necessary revisions have been made to the Guide as a result of the actions of the FASAB on its RSSI projects.

Draft Reporting and Assurance Guide for Stewardship Land and Heritage Assets