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Authorization For Retirement Form Instructions and Explanations

An Authorization for Retirement form is used to retire physical assets from the financial records to ensure accurate accounting. The form is required when completely replacing or retiring parts of an asset. It includes details of the asset being retired like identification numbers, location, and cost. Reasons for retirement and approvals from managers are also included on the form, along with associated maintenance inventory write-offs if applicable. Completing this form correctly allows the company to avoid overstating its assets on financial records.

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Ankit Patel
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79 views6 pages

Authorization For Retirement Form Instructions and Explanations

An Authorization for Retirement form is used to retire physical assets from the financial records to ensure accurate accounting. The form is required when completely replacing or retiring parts of an asset. It includes details of the asset being retired like identification numbers, location, and cost. Reasons for retirement and approvals from managers are also included on the form, along with associated maintenance inventory write-offs if applicable. Completing this form correctly allows the company to avoid overstating its assets on financial records.

Uploaded by

Ankit Patel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
You are on page 1/ 6

AUTHORIZATION FOR RETIREMENT FORM

INSTRUCTIONS AND EXPLANATIONS

Authorization for Retirement - Purpose:


An Authorization for Retirement form is a tool which is used to ensure that the physical fixed asset inventory at a site
corresponds with what is recorded in the financial records for that site. Proper use of the Authorization for
Retirement (AFR) form will prevent the assets of the Company from being overstated.
When to use an Authorization for Retirement form:
An Authorization for Retirement form is required when there is a retirement or replacement of a complete asset or
part of an asset. Retirements may arise on their own, or where a new AFE has been raised to replace obsolete
assets with more efficient equipment. AFRs are required for both Shell Operated and Outside Operated retirements.
Associated AFE Number:
Number of the AFE authorizing the purchase of the replacement asset. Not required if equipment is being retired
without being replaced.
AFR Number:
Assigned by the Field Business Analyst
Description/Location Information:
Include as much information here as you can get from the field fixed asset records. The Field Business
Analyst should be able to provide most of the information required. Alternatively, it may be obtained from the
Accountant, Fixed Asset Control and Planning in the Fixed Asset and Accounting Policy group.
Maintenance Inventory Write Off:
If plant/field equipment is being replaced, it often has Maintenance Inventory and write-offs will be required.
These inventory write-offs must be expensed. Contact Stock Analyst to determine value of inventory.
The Field Business Analyst should be able to provide coding for the write-off.
Reasons for Retirement:
State reasons why these capital / fixed assets should be retired.
Shell Canada Approvals:
The Initiator (Project Manager) is the focal point responsible for the project. Responsibilities include ensuring
all approvals are in place prior to project commencing and tracking costs to ensure accurate coding of the AFR.
Refer to Financial Delegation of Authorities for approval signatures required.
Page 1 of 6

AUTHORIZATION FOR RETIREMENT FORM


INSTRUCTIONS AND EXPLANATIONS

Page 2 of 6

AUTHORIZATION FOR RETIREMENT FORM


INSTRUCTIONS AND EXPLANATIONS

Associated forms:
Where there is a retirement of equipment due to an AFR being raised, a Material Transfer Record (MTR) form
must be completed. If Maintenance Inventory needs to be written-off, then a Store Stock Retirement form is
required.

Page 3 of 6

Shell Canada Energy


Authorization for Retirement

Associated AFE Number

AFR Number

Business Unit Number

Date Prepared

Company Number

Mail Ballot Number

September 14, 2015


210
Department/Complex

Well Location (UWI)

Utilities/Plant 520
Description/Location
(Include Tag #, Serial #, Model #, etc. when available)

Asset ID

Year
Class

Tax
Class

Gross Amount
Cost ($)

HRSG Insulation NUTEC HPS 8LB

Shell Share
%

$11,977

Tag: CA.MRP-520-GRP-1300

###

$1,995

WO: 26520869

$0

PO: 4512389080

$0

Size: 2" Thick & 1" Thick

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
First Page Total

Does equipment have maintenance inventory?


Maintenance inventory write-off value

Yes

$13,972

Attached Page Total

$0

TOTAL FOR AFR

$13,972

No

$0.00

B/U.OBJECT.SUB

(Must be expensed)

REASON FOR RETIREMENT

This insulation was purchased for HRSG 1/2 Major outage in April/May. It was supposed to be used to replace the
existing insulation after removal of liner plates. The liner plates were never removed due to time constraints. The next
opportunity to replace insulation will be in 3-4 years time, therefore there is no need to keep the excess insulation.
Required inslation for emergecy is already in stock. Rest of the pallets need to be send to IR.
SHELL CANADA APPROVALS (Please print clearly)
Print Name
1. Intiator

Ankit Patel
2. Recommended by
3. Recommended by
4. Approval
10331 (9901) Excel

Signature

Employee No.

Position

Date

10331 (9901) Excel

Associated AFE Number

Shell Canada Energy


Authorization for Retirement

AFR Number

0
Business Unit Number

0
Date Prepared

0
Company Number

September 14, 2015


Mail Ballot Number

210
Department/Complex

Well Location (UWI)

Utilities/Plant 520
Description/Location
(Include Tag #, Serial #, Model #, etc. when available)

0
Asset ID

Year
Class

Tax
Class

Gross Amount
Cost ($)

$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
$0
TOTAL

10331 (9901) Excel

$0

Shell Share
%

0.0000000

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