Financial Administration Manual

515 - Controllable Assets and Intangible Assets

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Effective: January 27, 2018
Section: Public Property
Administrator: Office of the Comptroller General
Applicability: GNWT Departments and Public Agencies 

POLICY

All controllable assets shall be properly controlled and accounted for at all times.

PURPOSE    

The government has a significant investment in and risk associated with the ownership and use of controllable assets. This policy sets the requirement to ensure proper internal controls are established and records are maintained for insurance purposes and good stewardship.

SCOPE

This policy applies to all attractive and insurable controllable assets.

RESPONSIBILITIES

Deputy Head

Ensure that adequate records are kept in respect of public property; ensure that sufficient knowledge is available within GNWT Departments or a Public Agency.

Comptroller General

May approve Interpretation Bulletins associated with this policy.

Financial Management Board

May issue a directive respecting the financial management or financial administration of a Department or Public Agency.

AUTHORITIES and REFERENCES

  • Financial Administration Act (FAA)
    • s.  7 – Duties: Board
    • s. 10 – Board Directives
    • s. 16 – Comptroller General
    • s. 25  - Financial Duties of Public Agencies
    • s. 66 – Records of public property
    • s. 67 –Disposal of public property
    • s. 105 – Deletion of inventory from the revolving fund
  • CPA Canada Public Sector Accounting Handbook
    • PS 3210 – Assets
  • CPA Canada Handbook – Accounting

INTERPRETATION BULLETINS