A reference is invited to recommendation no1 of previous year External Audit

A reference is invited to recommendation no1 of

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. A reference is invited to recommendation no.1 of previous year External Audit report in which it was recommended that WIPO may consider creation of a separate reserve for the purpose of financing projects. 22. However, the financial statements of WIPO for the year 2013 did not disclose separate reserve for the purpose of financing projects. Note 21 forming part of the financial statements of WIPO for the year 2013 only disclosed the remaining balance (24.80 million Swiss francs) on projects underway as at 31 December 2013, amount (11.20 million Swiss francs) approved for new projects starting in 2014 and the remaining balance (23.30 million Swiss francs) on building construction projects as at 31 December 2013. However, the Note did not disclose the amount of reserves utilised on construction projects which were being partly/fully financed from reserves on the ground that expenditure incurred thereon did not affect the level of reserves as the same was capitalized. 23. The management stated that they were in the process of addressing the issue of creating a separate reserve for these projects. Recommendation no. 1 WIPO may ensure the creation of a separate reserve for the purpose of financing projects and reflect the same separately in the financial statements to provide a better understanding of the transactions related to the utilization of accumulated surplus/reserves.
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WO/PBC/22/3 page 21 WIPO-Report of the External Auditor Financial Year 2013 C&AG of India Page 16 Accounts Receivable 24. Accounts Receivable included “PCT Debtors” amounting to 62.40 million Swiss francs as on 31 December 2013. They represented the total amount of filing fees not received by International Bureau up to the reporting date in respect of PCT applications received by various receiving offices. The applications remaining unpaid at the reporting date were recognized as PCT Debtors after deducting therefrom the lump sum of the amounts received by WIPO but pending allocation against individual applications by PCT Division owing to complications in the accompanying data received from receiving offices. 25. It was observed that Other Liabilities - PCT Current Accounts included an amount of 6.60 million Swiss francs representing the application fees received from receiving offices of Italy and Japan against the applications filed. This was largely in the nature of unallocated fees lying with WIPO, which was to be deducted from the consolidated figure of PCT Debtors. The non adjustment of the amount lying in PCT Current Accounts resulted in overstatement of Accounts Receivable as well as Other Liabilities by an amount which related to the filing fees of received applications. 26. The management stated that amounts deposited in the PCT Current Accounts for Italy and Japan represented a number of different elements, including fees for applications expected to be filed in the future, fees which may be allocated to applications already filed, handling fees and search fees. It is only on notification
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  • Summer '17
  • External auditor, Auditor's report, World intellectual Property organization

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