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Mining Cutoff Checklist

The document outlines a checklist for completing various accounting tasks related to inventory, revenue, purchases, capital expenditures (CAPEX), operating expenses, depreciation, stripping costs, provisions, intercompany transactions, and subsequent events. Each section specifies actions to be taken, such as confirming control transfer dates, accruing for unbilled goods, and estimating environmental obligations. The checklist ensures compliance with accounting standards and accurate financial reporting before the cut-off date.

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samuel
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27 views1 page

Mining Cutoff Checklist

The document outlines a checklist for completing various accounting tasks related to inventory, revenue, purchases, capital expenditures (CAPEX), operating expenses, depreciation, stripping costs, provisions, intercompany transactions, and subsequent events. Each section specifies actions to be taken, such as confirming control transfer dates, accruing for unbilled goods, and estimating environmental obligations. The checklist ensures compliance with accounting standards and accurate financial reporting before the cut-off date.

Uploaded by

samuel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Section CheckCompleted

Item (Yes/No)
Inventory CPhysical count of stockpiles, GIP, and finished goods completed
Inventory CValuation based on grade, quantity, and metallurgical accounting
Inventory CExclude post-period production
Inventory CDocument assay and sampling records
Revenue CuConfirm control transfer date (B/L, shipment confirmation)
Revenue CuExclude post-period shipments
Revenue CuReview sales contracts and delivery notes
Purchases Review GRNs and delivery records
Purchases Accrue for unbilled goods/services received pre cut-off
Purchases Cross-check with supplier statements
CAPEX Verify assets delivered and ready for use
CAPEX Record AUC where applicable
CAPEX Confirm contractor completion certificates
Operating Accrue wages, contractor fees, fuel, etc. incurred before cut-off
Operating Use timesheets and service logs for estimates
Operating Check mining/processing logs
Depreciati Calculate depreciation to cut-off date
Depreciati Apply UOP for mining assets
Depreciati Ensure consistency with asset registers
Stripping Allocate stripping costs as per IFRIC 20
Stripping Only include pre cut-off activities
Stripping Document pre-strip and development logs
Provisions Estimate environmental/rehab obligations
Provisions Accrue bonuses, interest, other provisions
Provisions Support estimates with reliable data
IntercompaReconcile intercompany balances
IntercompaEliminate intergroup transactions
IntercompaVerify charges, interest, and services rendered
SubsequentIdentify adjusting vs non-adjusting events
SubsequentReview post-period transactions for omissions
SubsequentUpdate financials if necessary

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