Purchased Financial Asset With Credit Deterioration In Illinois
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FAQ
POCI receivables are receivables that are already impaired at the time when they are purchased or originated. They can be identified by the credit risk status Nonperforming.
Impairment in accounting occurs when the recoverable amount of an asset is less than the carrying value of the asset. For example, a company acquires a piece of machinery for $100,000, with an estimated useful life of 20 years. After five years, the machine is valued at $70,000; its carrying value is $75,000.
POCI receivables are receivables that are already impaired at the time when they are purchased or originated. They can be identified by the credit risk status Nonperforming.
The provision for credit losses is treated as an expense on the company's financial statements. They are expected losses from delinquent and bad debt or other credit that is likely to default or become unrecoverable.
Purchased Financial Assets with Credit Deterioration: Acquired individual financial assets (or acquired groups of financial assets with similar risk characteristics) that as of the date of acquisition have experienced a more-than-insignificant deterioration in credit quality since origination, as determined by an ...
