102.16 - Statewide Accounting Policy - Physical Inventory
Policy Area: Accounting and Financial Reporting
Policy Sub Area: Capital Assets
Authority: GS 143D-6
Effective Date: 7/1/1995
Last Revision Date: 6/30/2017
Policy Owner/Division: Statewide Accounting
Policy
A physical inventory of capital and inventoried fixed assets is taken to verify that assets recorded are physically located in an agency. Inventories are taken at least annually.
The inventory is taken by someone who does not have custody of the assets, nor responsibility for receiving, checking in, tagging, and recording the assets.
If a capital or inventoried asset is missing at inventory, a Missing Asset Form is completed to document the reason for the missing asset.
It is recommended that a physical inventory of capital assets and inventoried items be taken each time there is a change at a management or supervisory level that has responsibility for the assets. The out-going and in-coming supervisor/manager should sign the Physical Inventory Worksheets. The signatures indicate they both know where the assets are located and that the count is accurate. It is kept on file in accordance with internal policies.
Procedures
N/A
Accounting Guidance
N/A
Related Documents (Memos/Forms)
Revision History
- 1/22/2007 - Policy updates
- 1/30/2017 - Update links
- 6/30/2017 - Policy updates and update links