Revenue from Non-Exchange Transactions (IPSAS 23) Background Revenue from non-exchange transactions for WIPO includes but

is not limited to: a) Assessed contributions from member States of contribution financed Unions; b) Voluntary cash donations used for the extra-budgetary activities (formerly called funds in trust); c) In-kind donations of goods from public and private sources Tests conducted Sr. No 1. Test Yes WIPO will recognize assessed contributions for each year of the biennium as revenue on the due date of invoices sent to Member States for each year of the financial period. Check whether the invoices were sent (in few cases). Voluntary contributions to extra-budgetary activities will be recognized as a receivable on the date of signature of an agreement with the donor. Check whether signed agreements exist (in few cases). In respect of assets with liability, revenue from non-exchange transactions is recognized to the extent that the transaction creates an asset without a corresponding deferred revenue liability. If the transaction has stipulations attached that qualify as conditions, then the deferred revenue is recognized only to the extent that any corresponding asset exceeds the liability. Check whether the revenue recognition is linked to fulfillment of stipulations attached. In-kind contributions from host and recipient governments such as office space or equipment will be recognized as equal revenue and expense to the extent that they provide budgetary savings. Check the treatment given. When a residual balance is repaid to a donor, the refund is to be accounted for as a debit to deferred revenue and a credit to cash. Check the status in respect of a sample of cases where Result No KD ref

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residual balance was repaid. 6. WIPO will recognize, as an allowance against the carrying value of its receivable from member states, a provision for doubtful debts related to assessed contributions receivable equal to the amount due from Member States that have lost the right to vote at the Assemblies under WIPOs Treaties. Verify whether a provision was made if there were any such cases. Disclosures: a) the amount of receivables (particularly contributions receivable) recognized in respect of non-exchange revenue; b) the amount of assets (cash and receivables) obtained through non-exchange transactions that are subject to conditions, and the amount subject to restrictions, and the nature of these restrictions; c) On the statement of financial position in current liabilities, that portion of the deferred revenue liability (i.e. arising from contributions where the attached stipulations amount to conditions) that is expected to be realized as revenue within the next 12 months; d) On the statement of financial position in noncurrent liabilities, that portion of the deferred revenue liability that is expected to be realized as revenue after the next 12 months; and e) the accounting policies adopted for the recognition and valuation of revenue from nonexchange transactions. f) Revenue from non-exchange transactions will be separately described as such on the face of the statement of financial position and distinguished from revenue from exchange transactions. The amount received from different types of nonexchange transactions (assessed contributions and voluntary contributions) should be disclosed in the notes. Voluntary contributions should be detailed in an annex to the financial statements showing the opening balance, revenue and expense (in detail) closing balance by donor and contribution for the current period (no comparative will be included). Whether it was being done?

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