Managing and accounting for property, plant, and equipment (PP&E) can be highly complex, involving a variety of risks. In the accounting world, capital assets refer to Property, Plant and Equipment (PPE). Among the deals which have been struck: DHL, Unipart and Movianto to procure, manage logistics of and store PPE (personal protective equipment); Deloitte to manage the logistics of national drive-in testing centres and super-labs; Serco to run the contact tracing programme; Palantir and Faculty A.I. building, warehouse, production line, vehicle, etc.). How consultants, airlines and China cashed in on PPE scramble At least £175m of taxpayer money has been spent on consultants - but the true cost is … Fully updated in October 2020. “Hiring Deloitte [to manage PPE procurement] was a funny thing to do. Most of the deals came from the Department of Health & Social Care for personal protective equipment (PPE) amounting to £16.bn. to build the COVID-19 datastore and Capita to onboard returning health workers in England. Deloitte operates in more than 150 countries, with approximately 300,000 professionals. IASB publishes proposed amendment to IFRS 16. Property, plant and equipment (PPE) is often composed of various parts with varying useful lives or consumption patterns. 07 Dec 2020. Deloitte clearly has “not successfully resolved ... but if McKinsey’s work in Massachusetts was any guide, ... states with weak laws. Property, plant and equipment comprises tangible assets held by an entity for use in the production or supply of goods or services, for rental to others or for administrative purposes, that are expected to be used for more than one period. Contracts amounting to £1.8bn were awarded by other government departments. Federal CFOs’ responsibilities over the financial elements related to PP&E make them key players in managing PP&E risks. Deloitte LLP is a limited liability partnership registered in England and Wales with registered number OC303675 and its registered office at 1 New Street Square, London, EC4A 3HQ, United Kingdom. 24 Nov 2020. In-depth accounting guidance for topics of significant interest. ... store and distribute personal protective equipment (PPE), while Deloitte was tasked with managing the logistics of national drive-in testing centres and super-labs. If there is a fire, you don’t call the auditor, you call the fire service.” — said an anonymous clothing manufacturer based in northern England, who said Deloitte has ignored his company’s offers to make medical gowns for healthcare workers on the front lines of the COVID-19 pandemic since mid-March. 27 Nov 2020. As well as working on PPE procurement for the Cabinet Office, Deloitte was recruited by the Department of Health and Social Care to help create a network of up to 50 testing facilities around the UK. The following features of PPE have an impact on the related audit procedures: (a) By their very nature, PPE are turned over much slower than current assets which are held for sale. January 2015 We are pleased to present our 13th annual Accounting, Financial Reporting, and Tax Update for the power and utilities (P&U) industry. Deloitte View Comments COVID-19, the virus that has thrown the world into a global lockdown and economic freeze, is putting unique pressures on private companies’ business operations. PPE, therefore, assumes considerable importance. 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