English to Polish Bus/Financial Business/Commerce (general)

7.1 Where applicable a systematic procedure for identifying and providing for excess and obsolete stock must exist. Particular attention should be given to engineering spares. This process must be objective and fully representative of potential excess and obsolete inventory on hand. All provisions must be specific. Provisions should be reassessed at each physical inventory and updated in line with any additional excess and obsolete items identified if required. Provisions must be approved by the Divisional VP of Finance and notified to the SSC (or accounting centre) by WD1, so that the accounting entries are properly reflected in the accounts.

7.2 It should not be necessary to make any additional provision/write down above those described in section 7.1 unless there are exceptional circumstances. In such cases written approval must be obtained from the Group Financial Controller.