[PDF] Federal Register :: Civil Asset Forfeiture

What are the interim regulations under the CAFRA?

The interim regulations also provide clear guidance to Customs officials in the processing of property seized for forfeiture under the CAFRA. To address these matters, the interim rule adds a new subpart H to part 162 of the Customs Regulations ( 19 CFR part 162, subpart H).

What do fa and Qi have to comply with under Acra?

A registered FA and QI must comply with the fit and proper requirements, legal obligations under the new Part VIA of the ACRA Act and the relevant terms and conditions imposed by the First and Second Schedules of the Regulations.

Does ASC 606 apply to all CIRAS?

Short of additional guidance from the FASB, the current consensus is that a CIRAs declaration, legal/organizational documents and annual budget create a contract between the CIRA and the owners/members and thus ASC 606 applies to all CIRAs. A summary of the accounting and reporting impact by fund is as follows:

What information should be disclosed in a CIRA?

• A statement indicating whether a study was conducted to estimate the remaining useful lives of common property components and the costs of future major repairs and replacements. Additionally, CIRAs that fund future major repairs and replacements by special assessments or borrowings when needs occur shall also disclose that information.