Absence of Impairment Assessment Policy for Property and Equipment
National Housing Authority · 2024
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe organization does not have a rule for checking whether its buildings, equipment, and other property have lost value and need to be written down, which is required by the accounting standards.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"the absence of an established policy for assessing impaitmant of Property and Equipment (PE) required in Paragraph 26 of IPSAS 21 on Impaitment of Non-Cash-Generating Assets as a basie on whether impairment losses, any, should have been recognized on the PE balances:"