means the cost derived from the records that reflect contractor’s applied generally acceptable accounting principles. Note: For contractor acquired property, depending on the contractor’s accounting system, some contractors use a standard (as opposed to cost process that the acquisition costs obtained on “averages” purchase orders, batches, or lots. For example, due to differing quantities ordered, the price may be $0.10 one time, $0.06 the next time, and $0.12 another time. A system will average the price and not retain the by purchase order, batch, or lot. This is “actual cost” Unique item identifier or equivalent, if required by contract terms and conditions. Unit of measure. Accountable contract number or equivalent code designation. Location. Disposition. Posting reference and date of transaction. Date placed in service, if required by contract terms and conditions. Property-to-Record Review In addition to the to the PA must perform a normal “record property” analysis, to This entails randomly selecting property from the “property record” review. floor and tracing it back to the record, to ensure that a record has been generated or is being maintained. Identification of Control and Ownership Levels Ideally, contractor records of controlled property should identify the appropriate level of control, ownership, and other information that fulfills organizational as explained in . In lieu of such identification, it is sufficient for the property management system to contain this necessary information. Subcontractor Responsibility for Records
means the cost derived from the contractor’s records that reflect applied generally acceptable accounting principles. Note: For contractor acquired property, depending on the contractor’s accounting system, some contractors use a standard (as opposed to cost process that “averages” the acquisition costs obtained on purchase orders, batches, or lots. For example, due to differing quantities ordered, the price may be $0.10 one time, $0.06 the next time, and $0.12 another time. A system will average the price and not retain the “actual cost” by purchase order, batch, or lot. This is Unique item identifier or equivalent, if required by contract terms and conditions. Unit of measure. Accountable contract number or equivalent code designation. Location. Disposition. Posting reference and date of transaction. Date placed in service, if required by contract terms and conditions. Property-to-Record Review In addition to the normal “record to property” analysis, the PA must perform a “property to record” review. This entails randomly selecting property from the floor and tracing it back to the record, to ensure that a record has been generated or is being maintained. Identification of Control and Ownership Levels Ideally, contractor records of controlled property should identify the appropriate level of control, ownership, and other information that fulfills organizational as explained in . In lieu of such identification, it is sufficient for the property management system to contain this necessary information. Subcontractor Responsibility for Records
Property_Guidebook_Draft_7-20-11.docx