IPSAS 12 Inventories

December 31, December 31, 2012 2011 (in thousands of Swiss francs) Finished publications Paper supplies Retail Shop Total inventory 2,089 122 87 2,298 2,236 102 99 2,437

The write-down of finished publications inventories to net realizable value amounted to 0.2 million Swiss francs (0.4 million Swiss francs in 2011). There have been no reversals of write-downs. Tests conducted Sr. No 1. Test Yes Did WIPO disclose (IPSAS 12.47) a) The accounting policies for measuring inventories, including the cost formula used b) The total carrying amount of inventories and the carrying amount of inventories and the carrying mount in classifications appropriate to WIPO c) The carrying amount of inventories carried at fair value less costs to sell d) The amount of inventories recognized as expense during the period e) The amount of any reversal of any writedown that is recognized in the statement of financial performance in the period f) The circumstances or the events that led to reversal of a write-down of inventories g) The carrying amount of inventories as pledged as security for liabilities Result No KD ref

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Review the system of recognition, writedown or reversal of write-down of inventories, if any. Each year immediately prior to the end of the reporting period, a physical count will be undertaken of the items held for sale in the retail shop and the supplies used in the production of publications to verify the amounts held. In addition, sample physical counts of the publications in stock will be undertaken during the reporting period to verify that the information contained in the perpetual inventory maintained by the Outreach Services Section is accurate. For all new publications produced during the reporting period a complete physical count will be undertaken at the end of the reporting period. Finance Services will obtain signed copies of the inventory documentation produced by the publications unit, print shop and retail shop and maintain the information as part of the audit documentation. (para 7.2.9 of WIPO IPSAS Manual). Check if this has been done.

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