How would you enter it in? One time reverse provision?

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Nov 18, 2024
6:44:29pm

ToasterChive All-American

How would you enter it in? One time reverse provision?

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ToasterChive

Previous username: Chicarl
Bio page: ToasterChive
Joined: Sep 3, 2010
Last login: Nov 18, 2024
Total posts: 22,643 (428 FO)

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Messages

Author

Time

Accounting Question: Allowance for losses

ToasterChive All-American

6:31pm

It’s called a reverse provision, and yes, you can do it, but you better have

UNLVcougar

6:39pm

How would you enter it in? One time reverse provision?

6:44pm

Yes, this is correct. If your current expected credit losses goes down, you

ForzaPuma

7:15pm

Is there any literature that would support this?

6:56pm

Is this a reserve for loan losses or a reserve on accounts receivable? If it’s

UNLVcougar

8:27pm

Also, I’ll add under the new reserve guidance in ASC 326 which is meant to

UNLVcougar

8:28pm

The entity is private and is a reserve for loan losses.

8:57pm

Are you using an estimated lifetime losses calculation?

UNLVcougar

9:07pm

Yes and it’s way too high. We’re going to miss net income target and want to move funds from loss provision to income.

9:21pm

If you are audited, reversing a provision to flip from net loss to net income

UNLVcougar

9:25pm

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