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  2. Accounts receivable - Wikipedia

    en.wikipedia.org/wiki/Accounts_receivable

    The amount of the bad debt provision can be computed in two ways, either (1) by reviewing each individual debt and deciding whether it is doubtful (a specific provision); or (2) by providing for a fixed percentage (e.g. 2%) of total debtors (a general provision). The change in the bad debt provision from year to year is posted to the bad debt ...

  3. Bad debt - Wikipedia

    en.wikipedia.org/wiki/Bad_debt

    Also known as a bad debt reserve, this is a contra account listed within the current asset section of the balance sheet. The doubtful debt reserve holds a sum of money to allow a reduction in the accounts receivable ledger due to non-collection of debts. This can also be referred to as an allowance for bad debts.

  4. Convention of conservatism - Wikipedia

    en.wikipedia.org/wiki/Convention_of_conservatism

    Conservatism plays an important role in a number of accounting rules, including the allowance for doubtful debts [3] and the lower of cost or market rule, [4] which states that one should record inventory at the lower of either its acquisition cost or its current market value.

  5. IAS 37 - Wikipedia

    en.wikipedia.org/wiki/IAS_37

    The accounting for provisions is similar to United States accounting for asset retirement obligations under ASC 410. Contingent assets and liabilities IAS 37 generally defines contingent assets and liabilities as assets and liabilities that arose from past events but whose existence will only be confirmed by the occurrence of future events that ...

  6. Allowance for Loan and Lease Losses - Wikipedia

    en.wikipedia.org/wiki/Allowance_for_Loan_and...

    Some of the general challenges that financial institutions face with regards to the ALLL estimation include the manual, time-intensive nature of the reserve estimation process each month or quarter; producing adequate documentation and disclosures; incorporating new accounting standards and regulations released by FASB and federal regulatory bodies, and increased scrutiny on the assumptions ...

  7. What's in the debt limit bill? Key provisions in the Biden ...

    www.aol.com/news/whats-debt-limit-bill-key...

    Joe Biden and House Speaker Kevin McCarthy's deal extends the debt limit for two years alongside modest federal spending cuts and a series of policy provisions.

  8. Deloitte & Touche v Livent Inc (Receiver of) - Wikipedia

    en.wikipedia.org/wiki/Deloitte_&_Touche_v_Livent...

    "it might be said that the modern procedures call for more sophistication and higher standards on the part of those who perform the work [and] it would seem that due skill and care calls for a more searching and critical approach today on matters of stock and provision for bad and doubtful debts than it did fifty years ago, and to some extent ...

  9. Credit control - Wikipedia

    en.wikipedia.org/wiki/Credit_Control

    An internal evaluation is made considering the risk of Bad or Doubtful Debts against the profit or returns. After Credit Controller, Risk Manager and Finance Director is satisfied credit is extended. An account is opened with the credit setting set for the agreed terms: Cap of credit the customer will enjoy and the terms or duration which they ...