Restatement of Contributed Capital for Unrecorded Land Costs
National Housing Authority · 2022
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What Happened?
Category: Financial ReportingIssue: MisstatementContributed capital and asset accounts had to be restated to account for previously unrecorded land costs for specific projects.
Why It Matters
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Original Audit Finding Excerpt
"Contributed capital includes restatements to take up land cost of Parola Estate Project and Paoay Lakeview Upgrading Project affecting Inventories and Property and equipment accounts, respectively (see Note 18)."