30 CFR § 553.27 - When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?

---
identifier: "/us/cfr/t30/s553.27"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "30 CFR § 553.27 - When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?"
title_number: 30
title_name: "Mineral Resources"
section_number: "553.27"
section_name: "When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?"
chapter_name: "BUREAU OF OCEAN ENERGY MANAGEMENT, DEPARTMENT OF THE INTERIOR"
subchapter_number: "B"
subchapter_name: "OFFSHORE"
part_number: "553"
part_name: "OIL SPILL FINANCIAL RESPONSIBILITY FOR OFFSHORE FACILITIES"
positive_law: false
currency: "2026-03-24"
last_updated: "2026-03-24"
format_version: "1.1.0"
generator: "[email protected]"
authority: "33 U.S.C. 2704, 2716; 2716a; E.O. 12777, as amended."
regulatory_source: "76 FR 64623, Oct. 18, 2011, unless otherwise noted."
cfr_part: "553"
---


# 553.27 When I submit audited annual financial statements to verify my unencumbered assets, what standards must they meet?

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.