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Encyclopedia > Written off

In accounting, writing off is the expensing of a balance sheet asset (item) that has no future benefits. An example would be the writing off of goodwill. That is, the worthless asset will be recorded as an expense on the current period's income statement rather than keeping it on the balance sheet as an asset. Accountancy (British English) or accounting (American English) is the process of maintaining, auditing, and processing financial information for business purposes. ... In formal bookkeeping and accounting, a balance sheet is a statement of the financial value (or worth) of a business or other organisation (or person) at a particular date, usually at the end of its fiscal year, as distinct from a profit and loss statement (P&L, also known as... For the article about the charity: see Goodwill Industries Goodwill is an accounting concept that describes the value of a business entity not directly attributable to its physical assets and liabilities. ... In business and accounting an asset is anything owned, whether in possession or by right to take possession, by a person or a group acting together, e. ... Also called Profit and Loss Account or in reference to charitable organizations Income and Expenditure Account. ... In formal bookkeeping and accounting, a balance sheet is a statement of the financial value (or worth) of a business or other organisation (or person) at a particular date, usually at the end of its fiscal year, as distinct from a profit and loss statement (P&L, also known as...


Compared to amortization and depreciation the write-off has the character of a "one-time" charge against P&L earnings. Amortization is distribution of a single lump-sum cash flow into many smaller cash flow installments for easier repayment. ... Declining-balance depreciation of a $50,000 asset with $6,500 salvage value over 20 years. ...


Write down

Similar to a write off is a write down. This is a partial write off. Only part of the value of the asset is removed from the balance sheet. In accounting, writing off is the expensing of a balance sheet asset that has no future benefits. ...


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Sometimes a loan or part of a loan is released or written off.
If the loan was made by the employer and the release or writing off can only be ascribed to the fact that the borrower is an employee, the amount released or written off will be an emolument chargeable under Section 19(1)1 ICTA 1988.
Where the full amount released or written off is not chargeable under Section 19(1)1 look at SE21741 onwards.
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