Lack of Policy for Impairment of Property and Equipment
National Housing Authority · 2024
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-complianceThe agency does not have a rule to check if its buildings and equipment have lost value and need to be written down, which is required by international accounting standards.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"d. The NHA lacks an established policy for assessing impairment on PE, as required in Paragraphs 23 and 26 of IPSAS 21 on Impairment of Non-cash Generating Assets."