This is the final action in the property life cycle when the property is physically removed from the possession and control of the entity altogether. There are many methods to dispose of property as per the UNFRRs such as sale, scrap, transfer, exchange/trade-in, destruction, sale at nominal price, gift, abandon in-situ. In the event that the disposal of the subject property occurs in the same reporting financial period with the write-off, any revenues from disposal shall be identified in the financial records as relating to property that is written-off. Disposal of property that is damaged beyond economic repair shall be actioned following approval to write-off the loss. Pursuant to UNFR 105.23, property, plant and equipment, inventories and intangible assets of the United Nations that are declared surplus, unserviceable or obsolete following a recommendation by a review body shall be disposed of, transferred or sold after competitive bidding, unless the review body were to recommend another form of disposal. The official methods of disposal are outlined under UNFR 105.23 (a-e).
