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Editorial Board on Accounts and Audit
  • Expected Credit Loss under Ind AS 109

    by Kamal Garg on Wednesday, July 11, 2018 at 03:17 PM

    Our company constructed a building for a Government Department. As per the terms of contract the amount of invoice has fallen due but the amount has not be received by the company even after passage of 1 year from the due date. The company has not provided any ECL on the grounds that the amount is due from Government Department and there is no risk of default though there is delay in the payment thereof. Is it correct for not providing ECL in such cases

    Replied byEditorial Board Sunday, July 15, 2018 at 05:39 PM

    If the amount has not been received even after passage of 1 year then significant financing component is involved in this and this should be treated accordingly as per Ind AS 109. Not providing ECL may not be a correct situation.

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