This website will be inaccessible on Sunday, 9/11/2022, 6am—10am during a scheduled server maintenance.

Year-End Inventory Procedures

Directive Statement

Any departments maintaining inventories for supply and resale must maintain an annual year-end inventory plan which outlines procedures for physical inventory count.

Reason for Directive

“The primary basis of accounting for inventories is cost, which has been defined generally as the price paid or consideration given to acquire an asset.  As applied to inventories, cost means in principle the sum of the applicable expenditures and charges directly or indirectly incurred in bringing an article to its existing condition and location.” –American Institute of Certified Public Accountants, Bulletin 43, Chapter 4.

Who must comply?

All UF Departments.

Procedures & Best Practices