This standard establishes the criteria for the recognition, valuation and presentation of accounts receivable in the financial statements. Below is a summary of the key aspects of NIF C-3:
Aim
NIF C-3 aims to provide guidance on how to recognize and measure accounts receivable, which are collection rights that an entity has over third parties.
Recognition
Accounts receivable are recognized when a transaction occurs that gives rise to a right to collect for the entity. This generally occurs when a good is sold or a service is provided on credit.
Initial Valuation
Accounts receivable are initially valued at the amount agreed upon in the contract, which is typically the amount expected to be received.
Post Valuation
Accounts receivable must then be valued for the possibility of uncollectibility. This is done by adjusting the value of accounts receivable to reflect expected losses from uncollectible or impaired accounts.
Provision for Uncollectible Accounts (PCE)
An allowance for doubtful accounts should be recognized based on an estimate of the amount that probably will not be collected.
This provision should be reviewed periodically to adjust it to current conditions.
Impairment (Deterioration)
If the carrying amount of a receivable is determined to exceed its recoverable value, an impairment loss must be recognized. The recoverable value is the amount expected to be obtained for the receivable, either through sale or collection.
Presentation
Accounts receivable are presented on the balance sheet as current assets if they are expected to be collected in the normal operating cycle. Otherwise, they are presented as non-current assets.
Revelation
IFRS C-3 requires that the accounting policy used for the recognition and valuation of accounts receivable be disclosed in the financial statements, as well as any relevant information about accounts receivable, such as age and provisions for doubtful accounts.
NIF C-3 ensures that accounts receivable are presented in a true and adequate manner, reflecting the economic and financial reality of the entities.
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