State auditors seek guidance from the COA-Government Accountancy Sector on how to deal with the provincial government's refusal to use their revaluation model.
The Commission on Audit and Cebu province’s officials agreed to suspend any forthcoming revaluation of land properties following an impasse between state auditors and local officials over a dramatic surge in the provincial government’s land asset values in 2022.
As a result of the provincial government’s actions, its land account increased by P17 billion, and the investment property account rose by P344.25 million. Cebu’s 357 lots saw their combined values soar from a recorded value of P22.364 billion in 2018 to P188.471 billion, an increase of over 700%. In response the following month, the provincial government maintained that their revaluation model was allowed under IPSAS 17, arguing that as a highly urbanized province, it was only fair to reflect the current and fair market valuation of its lots.
Based on a provision in IPSAS 17, audited agencies have the flexibility to select either the cost model or the revaluation model as their accounting policy for Property, Plant, and Equipment .
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