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Provision For Bad Debt

This topic has 1 reply, 2 voices, and was last updated 9 years ago by MikeLittle.

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April 23, 2016 at 11:24 am #312339
Muslim Farooque
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- Topics: 190
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Is a provision for Bad debt or an allowance for bad debt allowed under current accounting standards or is only an impairment is necessary
April 23, 2016 at 2:05 pm #312359
MikeLittle
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Provisions (or allowances as they are sometimes called) are allowable
An impairment suggests that the asset HAS fallen in value.
A provision is made when there is a suspicion that the asset has fallen in value
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