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MFRS
Trade receivables and impairment (Part 1)
01 Jan 2014This issue reflects the requirements of MFRS 139 Financial Instruments: Recognition and Measurement on trade receivables and the related impairment model.
Application of MFRS 139’s impairment model to trade receivables could be complicated. This Hot Topic applies only to short-term trade receivables that have no stated interest rate and that are measured at amortised cost subsequent to initial recognition.
In Part 1 of this Hot Topics, we provide an introduction to the initial recognition of trade receivables, impairment model and accounting for bad debts under MFRS 139. Individual impairment assessment will be discussed in Part 1 while collective assessment will be discussed in Part 2, the next issue.
Also appears under...