2209 Accounting for Inventories - Deletion or Write-off - August 2009

Section: 2209 Accounting for Inventories - Deletion or Write-off

Date: Aug 2009

This policy has been reformatted and realigned for consistency with best practice. Directives have been added/changed for relevance, including the following changes:

  • FAA sections which were restated/repeated in the policy were deleted. The FAA sections are now only referenced;
  • An explanation of types of inventories for accounting is provided;
  • References to the out-dated Supply Services Manual and Regional Director position (replaced by the Deputy Minister) are removed;
  • Revisions for consistency with the user-pay/say initiative (1997) and consequent deletion of the Department of Government Services reference;
  • Approval of a statement of inventories exceeding $2500 (increased from $500) in value for the Public Accounts is made by the Comptroller General instead of the Minister of Finance in accordance with Part VIII of the FAA; and,
  • New reference to cost-assessment related to the cost of deletion or write-off due to negligence is added.

Approval of this Policy is within the scope of powers and duties entrusted to the Comptroller General in accordance with section 12(2) of the Financial Administration Act and FAM Policy 1042, Directive 4.4.

Contact:

Financial Policy
Accounting Services
Department of Finance
Government of the Northwest Territories
Phone: (867) 920-3401
Email: FAM@gov.nt.ca