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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Provision on impairment loss on owned asset
Why cannot recognise provision on the impairment loss of owned asset ?
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.