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.
Sample 1Sample 2Sample 3
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. CAYMAN ISLANDS DEVELOPMENT BANK STATEMENT OF ACCOUNTING POLICIES (CONTINUED) FOR THE YEAR ENDING 30TH JUNE 2016
Sample 1

Examples of Income Recognition in a sentence

  • Below is a summary of significant accounting policies:Investment Transactions and Income Recognition: For financial reporting purposes, investment transactions are recorded on the dates the transactions are executed.

  • Investment Valuation and Income Recognition Investments are reported at fair value.

  • After examining the facts of the case, RBI has observed non-compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms, (ii) code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRlLC) and (iii) fraud risk management and classification and reporting of frauds.

  • Investment Valuation and Income Recognition The Plan’s investments are stated at fair value.

  • This amount, even if overdue for a period of 90 days or more, will not make other funded facilities provided to the client, NPA on account of the principle of borrower-wise asset classification, though such receivable overdue for 90 days or more shall itself be classified as NPA, as per the extant Income Recognition and Asset Classification (IRAC) norms.

  • After examining the facts of the case, RBI has observed non- compliance with the directions issued by RBI on (i) Income Recognition and Asset Classification (IRAC) norms, (ii) code of conduct for opening and operating current accounts and reporting of data on Central Repository of Information on Large Credits (CRlLC) and (iii) fraud risk management and classification and reporting of frauds.

  • Income Recognition From Long-Term ContractsReport on line 19 the amount of net income or loss for financial statement purposes (or books and records, if applicable) or U.S. income tax purposes for any contract accounted for under a long-term contract method of accounting.Line 20.

  • The subsequent asset classification for such exposures will be governed by the criteria laid out in the Master Circular - Prudential norms on Income Recognition, Asset Classification and Provisioning pertaining to Advances dated July 1, 2015 or other relevant instructions as applicable to specific category of lending institutions (“extant IRAC norms”).

  • Investment Valuation and Income Recognition Investments held by the Plan are stated at fair value.

  • All other aspects of restructuring of project loans before commencement of commercial operations would be governed by the provisions of Part B of this Master Circular on Prudential norms on Income Recognition, Asset Classification and Provisioning Pertaining to Advances.

Related to Income Recognition

  • Recognition means the entry of an order granting recognition of a foreign main proceeding or foreign nonmain proceeding under this chapter; and

  • Income means the following:

  • Disruption of the educational process means the interruption of classwork, the creation of disorder, or the invasion of the rights of a student or group of students.

  • Intercompany Agreements has the meaning set forth in Section 2.03(a).

  • Financial Contribution means a contribution from an implementing partner in the form of own risk-taking capacity that is provided on a pari passu basis with the EU guarantee or in another form that allows an efficient implementation of the InvestEU Programme while ensuring appropriate alignment of interest;