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Impairment of financial assets

This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.

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February 2, 2021 at 8:26 am #608825
mariamohi
Participant
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Can you please tell me the debits and credits of the illustration in notes?
February 2, 2021 at 9:44 am #608832
Stephen Widberg
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When loan is made
Dr P&L Cr Allowance 4000
One year later
Dr P&L Cr Allowance 200
Stage 2
Dr P&L Cr Allowance with 200,000 less 4,200
Stage 3
Dr Allowance Cr Loan asset 200,000
Bear in mind that an allowance account is what we used to call a provision
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