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Allowance for credit loss

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Allowance for credit loss

  • This topic has 1 reply, 2 voices, and was last updated 3 years ago by Stephen Widberg.
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  • March 10, 2020 at 2:09 pm #565037
    toushiga
    Participant
    • Topics: 424
    • Replies: 172
    • ☆☆☆☆

    “A loss allowance for full lifetime expected credit losses is required for a financial instrument if the credit risk of that financial instrument has increased significantly since initial recognition, as well as to contract assets or trade receivables that do not constitute a financing transaction in accordance with IFRS 15.”

    What is the financing transaction in IFRS 15 ? referring to which part of IFRS 15?

    Thank you.

    March 11, 2020 at 4:35 pm #565103
    Stephen Widberg
    Keymaster
    • Topics: 15
    • Replies: 3138
    • ☆☆☆☆☆

    Loan assets AND trade receivables due after more than one year – only make 100% allowance when credit risk increases

    Trade receivables within 1 year (‘no significant financing component) – make 100% allowance at time of sale (if considered necessary)

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