Annual Inventory of Fixed Assets; Annual Inventory of Supplies and Materials

November 2, 1987 REVENUE MEMORANDUM ORDER NO. 28-87 SUBJECT : Annual Inventory of Fixed Assets; Annual Inventory of Supplies and Materials TO : All Revenue Officials and Employees Concerned 1. Purpose . - 1. To safeguard government property against loss or wastage; and 2. To ensure the smooth turn over of property accountability from one accountable officer to another. 2. Basis . - Commission on Audit Circular Nos. 55 and 57 dated March 17, 1958 and May 7, 1958, respectively. 3. Scope . - Annual Inventory shall cover the following: 3.1. Furniture and equipment; 3.2. Acquired assets, which shall include assets acquired through seizure proceedings, whether held in trust or already titled in favor of the Bureau; 3.3. Land and land improvements; buildings and structures; 3.4. Computers and other equipment in the possession of RISSI but owned by the Bureau; 3.5. Equipment purchased in foreign offices; 3.6. Supplies and materials. 4. The Inventory Committee . - For the purpose of this Order, an Inventory Committee is hereby created as follows: Chairman - Asst. Rev. Service Chief, Financial & Management Service. Members - Chief, Property Division, or authorized representative; Chief, General Services Division or authorized representative; Chief, Disbursement Accounting Division or authorized representative; Chief, Collection Enforcement Division or authorized representative. Witness - Bureau Auditor or authorized representative. 5. Regional Inventory Sub-Committee . - In the Regional Offices, Inventory Sub-Committees are likewise created, composed of the following: Chairman - Assistant Revenue Regional Director. Members - Chief, Administrative Branch or authorized representative; Chief, Fiscal Operations Branch or authorized representative; Chief, Collection Branch or authorized representative. Witness - Regional Bureau Auditor or authorized representative. 6. Functions . - The Inventory Committee and Regional Inventory Sub-Committee shall: 6.1. On December 31 of each year, conduct an annual physical inventory of the assets of the Bureau, except equipment acquired in foreign offices, provided that the inventory of such equipment in foreign offices shall be certified correct by the revenue representative/attache concerned. cd 6.2. Reconcile the inventory reports of heads of offices with Accounting records. 6.3. Consolidate and submit all inventory reports as follows: a) In the Regional Offices, all inventory reports shall be consolidated, certified and submitted to the National Office Inventory Committee not later than February 1 of each year. b) In the National Office, all inventory reports from the regional offices and National Office shall be consolidated and submitted to the Bureau Auditor thru the Commissioner not later than March 1 of the year. 6.4. Ensure that a perpetual inventory of supplies and materials are maintained by the Chief, Property Division and the respective Chiefs of the Administrative Branches. The Inventory Committee/Regional Inventory Sub-Committees may call on any officer or employee for assistance in the performance of their functions. 7. Repealing Clause . - This Order supersedes Revenue Special Orders Nos. 2-80 and 33-80 dated January 14, 1980 and April 30, 1980, respectively, as well as revenue orders, memoranda and other issuances inconsistent herewith. 8. Effectivity . - This Order takes effect immediately. (SGD.) BIENVENIDO A. TAN, JR. Commissioner