Provision on impairment loss on owned asset

This topic has 1 reply, 2 voices, and was last updated 4 years ago by Stephen Widberg.

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March 7, 2022 at 1:17 pm #650055
nurjiwa
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Why cannot recognise provision on the impairment loss of owned asset ?
March 8, 2022 at 9:58 am #650210
Stephen Widberg
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NEVER ( 🙂 ) use the word provision in respect of an asset. It would be like calling the Queen of England Betty instead of Your Majesty.

Why? A provision is a LIABILITY of uncertain timing or amount.

So, always say the asset will be impaired or there will be an allowance for impairment.
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