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Impairment of financial assets – ACCA SBR

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Impairment of financial assets – ACCA SBR

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.
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  • March 15, 2021 at 3:57 pm #614479
    sarita10
    Participant
    • Topics: 4
    • Replies: 2
    • ☆

    Hi, if possible would you be able to explain Impairment of financial assets again, as i found it very hard to under on the lectures video.

    thank you

    March 16, 2021 at 3:23 pm #614530
    Stephen Widberg
    Keymaster
    • Topics: 16
    • Replies: 3403
    • ☆☆☆☆☆

    You have to set up an ALLOWANCE FOR INPAIRMENT account (which we used to call ‘provision for doubtful debts’)

    Initially the balance on the account will be 12 month credit losses – copy the number ‘lifetime losses’ and multiply by the percentage given

    If things go badly the balance on the account will be a much bigger number – lifetime credit losses- copy the number from the question

    The double entry for movements on the allowance account is the P&L

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