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Impairment trading loss later recovered

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Impairment trading loss later recovered

  • This topic has 2 replies, 2 voices, and was last updated 7 years ago by kiki3.
Viewing 3 posts - 1 through 3 (of 3 total)
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  • November 7, 2017 at 2:28 pm #414700
    kiki3
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    Dear sir,

    I’m referring to your lectures and notes chapter 4.

    Thank you so much for your best effort to deliver us a detailed lectures.

    Kindly explain how the tax treatment for recovered impaired trade debt.

    As per my general understanding recovery of impairment of trading loss will not fall in the same period of accounts from the period when it was written off.

    Please explain me how the recovery of written off debts could impact in the current period of accounts trading profit if it was written off in previous period of accounts.

    Where The receipt of written off debt should be recorded?

    Thank you so much for your help sir.

    November 7, 2017 at 5:13 pm #414740
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    A trade debt previously written off will be treated as taxable income for the period in which that debt is recovered

    November 8, 2017 at 3:39 am #414765
    kiki3
    Member
    • Topics: 11
    • Replies: 9
    • ☆

    Thank you dear tuitor.

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