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professor loss allowances are always offset against an existing asset? and not recognised separately as a liability?
The meanings/definition of accounting terms under IFRS are very important in auditing – a provision, BY DEFINITION, must be a liability and a liability BY DEFINITION is an OBLIGATION to transfer an economic resource (usually meaning CASH).
It is technically wrong to refer to allowances that offset asset valuations (e.g. for depreciation, inventory obsolescence, irrecoverable receivables) as provisions – they are NOT liabilities (and cannot be recognised separately).
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