Can we post a Cost Adjustment to an asset with a date in service (DIS) greater than a year?
No. Cost adjustments have a significant adverse impact on audited financial statements which may result in prior period adjustments and failure to obtain clean audit. FAA has already received a notice of finding and recommendation from its independent auditors because most costs adjustments were maintenance, improvements or replacements. Instead, you should forward the cost information to the Property Control and Analysis Branch (AFM-320), Office of Financial Management.
