Non-Deduction of Dispoed assets in the PPE schedule

Posted on
by OLUDOLAPO TUBI
  • Project Status: N/A

MDA

Office of the Accountant-General of the Federation

Project Location/State

Award Year

2018

Contract Sum

₦₦0.00

Amount Paid

₦₦0.00

Unaccounted

₦₦0.00

Context/Observation

Audit observed in Note 22, ‘Gain/Loss on Disposal of Asset’ that ₦455,784,394.20 was recognized as gain on assets disposed and ₦1,090,987,305.99 as loss on assets disposed. However, the costs and the accumulated depreciation on the disposed assets were not deducted from the PPE Schedule in Note 32, to arrive at the carrying amount reported in the Consolidated Financial Statements.

Contractor

N/A

Beneficial Ownership Information

N/A

Legislative Recommendation

The Accountant-General of the Federation is requested to:
i. Provide explanations for non compliance with the provisions of IPSAS 17 on the disposed assets, and
ii. Produce a comprehensive list of disposed assets (stating the class of assets, year of purchase, cost of purchase, carrying amount before disposal, disposal amount, etc).
iii. Otherwise, sanction relating to provisons of FR 3129 should accordingly apply.

Executive Action

N/A

Progress Report

N/A

Data Source

2018 Audit Report of FG

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