In addition, a comprehensive review of the receivable and payable accounts is being conducted to prevent netting off of the accounts payable against the accounts receivable and vice versa.

Contributions receivable

(b) Existing receivable means a receivable that arises upon or before conclusion of the contract of assignment and future receivable means a receivable that arises after conclusion of the contract of assignment

All material accounts receivable have been included in the financial statements and represent valid claims against debtors.

(i) Accounts receivable other

(e) Accounts receivable other

Aging analysis of contributions receivable

Accounts receivable are presented in statement II, net of a provision of 2,581,147 for doubtful accounts receivable comprising

(n) Provision for doubtful accounts receivable

Note 6 Provision for accounts receivable

Inventory and receivable revolving loan financing

(i) Another assignee of the same receivable from the same assignor, including a person who, by operation of law, claims a right in the assigned receivable as a result of its right in other property of the assignor, even if that receivable is not an international receivable and the assignment to that assignee is not an international assignment

This includes a receivable of 3,414,060 due from IAEA.

Apart from the estimated uncollectable amounts, recorded under the provision for doubtful accounts receivable, we expect all significant accounts receivable at 31 December 2004 to be collected.

(a) The assignor has the right to assign the receivable

The monthly review of accounts receivable is currently being undertaken.

This includes contributions receivable in the amount of US 1,447,600.

When the revenue is recognized, it is recorded as a receivable.

Comment by the Administration. UNDP has designed the accounts receivable report.

(a) If payment in respect of the assigned receivable is made to the assignee, the assignee is entitled to retain the proceeds and goods returned in respect of the assigned receivable

(p) Assignment means the creation of a security right in a receivable or the transfer of a receivable, whether the transfer is for security purposes or is an absolute outright transfer.

(q) Assignor means the person that makes an assignment of a receivable.

(t) Account debtor means a person liable for payment of a receivable.

2. A right securing payment of the assigned receivable is transferred under paragraph 1 of this article notwithstanding any agreement between the assignor and the debtor or other person granting that right, limiting in any way the assignor's right to assign the receivable or the right securing payment of the assigned receivable.

(b) The assignor has not previously assigned the receivable to another assignee and

Provision is made for accounts receivable for which no reasonable expectation of recovery exists.

The age of contributions receivable is as follows, in thousands of United States dollars

It would also be responsible for the monthly reconciliation of receivable and revenue accounts.

(r) Assignee means the person to which an assignment of a receivable is made.

As between assignees of the same receivable from the same assignor, the priority of the right of an assignee in the assigned receivable is determined by the order of conclusion of the respective contracts of assignment.

The remaining 4,570,237 was reported as receivable from UNDP in UNHCR's Financial Statements for 2004.

A provision for a possible write off of this receivable is included in accounts payable.

(b) If payment in respect of the assigned receivable is made to the assignor, the assignee is entitled to payment of the proceeds and also to goods returned to the assignor in respect of the assigned receivable and

2. The assignee may not retain more than the value of its right in the receivable.

The remaining 4,570,237 was reported as receivable from UNDP in the UNHCR financial statements for 2004.

(d) Automatically upon creation of a security right in the receivable supported by an independent undertaking.

(j) Proceeds means whatever is received in respect of an assigned receivable, whether in total or partial payment or other satisfaction of the receivable. The term includes whatever is received in respect of proceeds. The term does not include returned goods

1. If proceeds are received by the assignee, the assignee is entitled to retain those proceeds to the extent that the assignee's right in the assigned receivable had priority over the right of a competing claimant in the assigned receivable.

(d) Automatically upon creation has priority, in accordance with its priority in the underlying receivable and in the proceeds from the drawing under an independent undertaking, over a security right made effective against third parties by registration.

(c) If payment in respect of the assigned receivable is made to another person over whom the assignee has priority, the assignee is entitled to payment of the proceeds and also to goods returned to such person in respect of the assigned receivable.

3. Nothing in paragraph 2 of this article affects the priority of a person having against the proceeds a right of set off or a right created by agreement and not derived from a right in the receivable.

(b) Financial contracts governed by netting agreements, except a receivable owed on the termination of all outstanding transactions

(a) Original contract means the contract between the assignor and the debtor from which the assigned receivable arises

As mentioned, above, the accounts receivable function would be transferred from the Payments Unit to the Accounts Unit.

An amount of 1,219,380 provided for in 2003 as a doubtful accounts receivable bank balance was recovered during 2004.