How does IFRS differ from GAAP with respect to writing off receivables?
How does IFRS differ from GAAP with respect to writing off receivables?
Homework Answers
Answer:
IFRS uses “Incurred-loss” approach — A Receivable is impaired only if it is likely to occur that a creditor will be unable to collect all amounts due. A loss on an impaired receivable is recognized if the amount of the loss can be reasonably estimated.
GAAP uses “Expected-loss” approach — An impairment loss on a receivable accounted for at amortized cost is recognized immediately on the basis of expected credit losses (not necessarily actual losses)
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How does IFRS differ from GAAP with respect to writing off receivables?
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