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Accounting for Loan Writedown

  • 28-11-2018 09:35PM
    #1
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭


    Hi All,

    Just wondering if anyone has come across a loan writedown/forgiveness in a set of Financial Statements? Is it as simple as debiting the loan balance on the balance sheet and crediting the Income & Expenditure account. Not concerned with the tax consequences of this transaction, just the accounting under FRS 102.

    Thanks in Advance,
    Hacksaw.


Comments

  • #2
    HcksawJimDuggan
    Registered Users, Registered Users 2 Posts: 394 ✭✭HcksawJimDuggan


    HcksawJimDuggan wrote: »
    Hi All,

    Just wondering if anyone has come across a loan writedown/forgiveness in a set of Financial Statements? Is it as simple as debiting the loan balance on the balance sheet and crediting the Income & Expenditure account. Not concerned with the tax consequences of this transaction, just the accounting under FRS 102.

    Thanks in Advance,
    Hacksaw.

    Anyone able to help on this?


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