Are tangible items which meet the definition and recognition criteria of Property, Plant and Equipment but below the capitalization threshold of P50,000

The cost of an item of PPE shall be recognized as Property, Plant and Equipment if it meets the capitalization threshold of ___________.

Shall be responsible for the actual count to ascertain the existence, completeness and condition of all PPEs owned by the government agency.

It is used for easy identification of each PPE item, that includes the: Year of Acquisition, PPE sub-major account group, General Ledger account, Serial Number, and Location/Office.

Contains, at the least, the specific assignments/duties of the Committee members, the cut-off date and a schedule specifying the dates and locations of the inventory taking activities from start up to the targeted completion of the physical inventory.

It includes the latest RPCPPE/Physical Inventory Report, List of PPE items which are included in the RPCPPE but not recorded in PPELCs, and List of PPE items which are recorded in the PPELCs but not recorded in RPCPPE.

It is an indispensable procedure for manually counting the PPEs to verify the existence and condition of PPEs, and checking the integrity of property custodianship.

It refers to the process of comparing two sets of records or financial information, such as RPCPPE, Property Cards, PPE Ledger Cards or other relevant records, to ensure their accuracy and consistency.

This card shall be used by the Property Unit to record the description, acquisition, transfer, disposal, and other information about the PPE. It shall be kept for each class of PPE.

This card shall be used for each class of PPE to record the acquisition, description, custody, estimated life, depreciation, impairment, disposal, transfer/adjustment, repair history and other information about the property. It shall be kept and maintained by the Accounting Unit.

This form shall be used by the Property Unit to report the issuance of PPE and the acknowledgement of the end-user.

This form shall be used to report the physical count and condition of PPE by type as at a given date, including those which are unrecorded and those which could not be accounted for. It shows the balance of PPE per property cards and per count and the shortage/overage, if any. It shall be rendered by the Inventory Committee, on its yearly physical count of properties owned by the entity.

These are PPE items not included in the inventory working papers, but there is reasonable basis to consider the same as owned by the agency, which shall be included in the physical count and tagged with property stickers.

These are PPE items included in the inventory working papers but are not found during the physical count.

A letter signed by the Head of the Agency or designated representative to be issued to the concerned accountable officers/personnel demanding the production of PPE he/she is accountable for.

Number of days for the accountable persons to produce the PPE items subject of demand letter.

It involves determining the causes for the non-existing/missing PPEs, such as verifying if the PPE items were already disposed/transferred/donated, with or without pending Request for Relief, demanding the production of PPE from the accountable person, conducting investigation to determine the last known location/office where the missing PPE items were issued/installed, person accountable, circumstances of the loss, and others.

This Committee determines the last known location/office where the missing PPE items were issued/installed, person accountable, circumstances of the loss, and the persons responsible for the loss, among others.

This is filed by the Head of the Agency to the COA Audit Team Leader, if the following conditions non-existing/missing PPEs are met::
     a.The PPE has already exceeded its estimated useful life; and
     b. Accountability/responsibility over the missing PPE could not be pinpointed after the conduct of investigation.