Income Recognition definition

Income Recognition. Interest income is recorded on the accrual basis for all loans. CIDB's policy is to cease accruing interest on loans when the principal and interest payments are contractually 90 days in arrears (classified as non- performing loans). Any accrued and uncollected interest on non-performing loans is reversed against income for the current period. Thereafter, interest income is recognised on a cash basis, but only after prior write-offs and specific provisions for losses have been recovered.
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Examples of Income Recognition in a sentence

  • The Company has adopted the provisions of SFAS No. 114 "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118 "Accounting by Creditors for Impairment of a Loan - Income Recognition and Disclosures".

  • It is clarified that only the Due Date shall be reckoned for the purpose of guidelines of RBI on Income Recognition, Asset Classification and Provisioning pertaining to Advances, irrespective of whether or not USFB has granted at its discretion, grace period (if any) for repayment of PI.

  • The Income Recognition Date shall be the date on which Employee first recognizes income for the actual or constructive receipt of Restricted Shares under the income tax laws of the United States or any state.

  • The Income Recognition Date may occur as a result of an election by Employee to recognize income under the applicable income tax laws of a particular jurisdiction.

  • It is clarified that only the Due Date shall be reckoned for the purpose of guidelines of RBI on Income Recognition, Asset Classification and Provisioning pertaining to Advances, irrespective of whether or not the Bank has granted at its discretion, grace period (if any) for repayment of PEPII and/or EPI.

  • It is clarified that only the Due Date shall be reckoned for the purpose of guidelines of RBI on Income Recognition, Asset Classification, and Provisioning pertaining to Advances, irrespective of whether or not the Lender has granted at its discretion, a grace period (if any) for repayment of EMI.

  • The Company has adopted the provisions of SFAS No. 114 "Accounting by Creditors for Impairment of a Loan" and SFAS No. 118 "Accounting by Creditors for Impairment of a Loan - Income Recognition and Disclosures" which impose certain requirements on the measurement of impaired loans.

  • Recently Issued or Proposed Accounting Standards - The FASB issued Statement No. 114, "Accounting by Creditors for Impairment of a Loan" (FAS 114) in May 1993, and FAS 118 "Accounting by Creditors for Impairment of a Loan -- Income Recognition and Disclosures" (FAS 118), in October 1994.

  • The Bank adopted the provisions of Statement of Financial Accounting Standards (SFAS) No. 114, "Accounting by Creditors for Impairment of a Loan" as amended by SFAS No. 118, "Accounting by Creditors for Impairment of a Loan - Income Recognition and Disclosures" on July 1, 1995.

  • RBI/2021-2022/125 DOR.STR.REC.68/21.04.048/2021-22) on ‘Prudential Norms on Income Recognition, Asset Classification and Provisioning, pertaining to Advances – Clarifications’ dated 12-11-2021 has clarified and/or harmonized certain aspects of the extant Regulatory guidelines.