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General allowance

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › General allowance

  • This topic has 1 reply, 2 voices, and was last updated 5 years ago by John Moffat.
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  • October 3, 2019 at 4:57 am #547997
    nguyenxuansang
    Member
    • Topics: 4
    • Replies: 2
    • ☆

    Hi Sir,
    I read an article about general allowance
    “General allowance are created on the estimate that a certain part of our receivables will not be recovered. They are created on the basis of historical analysis of receivables. Due to the subjectivity involved in their creation they are no longer allowed under IFRS 9”
    So in F3- Financial accounting, do we still use the term “general allowance” or specific allowance, or we need to follow IFRS 9, which requires to recognize the impairment of financial assets in the amount of expected credit loss.

    October 3, 2019 at 7:38 am #548002
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54701
    • ☆☆☆☆☆

    IFRS 9 is not examinable in Paper FA (it is no longer called F3) and therefore the treatment of irrecoverable and doubtful debts remains the same for the exam as explained in my free lectures. The name given to the allowance is not relevant for the exam anyway because you will be required to calculate the total allowance for receivables.

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