The Federal Accounting Standards Advisory Board (FASAB) has released new guidance to clarify how federal land should be accounted for and reported in financial statements.

The update comes through Technical Bulletin 2025-1, which provides additional direction on Statement of Federal Financial Accounting Standards 59, Accounting and Reporting of Government Land. 

“This TB clarifies existing standards for the accounting and reporting of government land by addressing unique characteristics of government land holdings that have arisen during the required supplementary information transition period,” said FASAB executive director Monica Valentine. “We appreciate the constructive and timely engagement from stakeholders to support FASAB’s mission to continuously improve federal financial reporting.”

The bulletin clarifies existing guidance in Statement of Federal Financial Accounting Standards (SFFAS) 59, Accounting and Reporting of Government Land.

Specifically, it makes clear that the SFFAS 59 requirements in regard to the classifying general property, plant, and equipment and stewardship land as well as the preparer flexibility on the accounting and reporting of non-outer continental shelf submerged land and ownership and related acquisition assertions. It also clarifies the expensing of G-PP&E permanent land rights.