write-off

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Write-off

Charging an asset amount to expense or loss, such as through the use of depreciation and amortization of assets.

Write-Off

A reduction in an individual's or a company's income as the result of an expense. For example, an unpayable credit sale may be a write-off for the creditor, especially if the debtor declares bankruptcy. The bankruptcy means that the debtor is unable to pay the debt, which results in a loss of income for the creditor. A write-off may usually be deducted from one's taxable income.

write-off

To take an asset entirely off the books because it no longer has any value.If an accrualbasis taxpayer has taken money into income when bills were sent out to customers,but then some of the bills became uncollectible, the taxpayer may write off the uncollectible ones as a deduction against income. Financial institutions are required to write off loans when they become delinquent by a certain amount.

References in periodicals archive ?
In the UK operations, the project write downs are mainly due to not achieving estimated production rates, projects being delayed with estimated penalties and multiple changes driven by clients causing cost overruns.
NORDIC BUSINESS REPORT-July 17, 2017-Skanska reports on write down in operating income
The majority of the charge relating to these changes is the write down of goodwill and other long-lived assets.
Finally, the Corporation will write down $19 million of its venture fund investments in certain emerging technology companies that it will no longer support.
The loss is attributable to a decline in gross margin, an expected write down in the range of $500,000 to $750,000 of certain assets related to the Company's information systems, a reserve for write down of potentially obsolete inventory and other matters.
The 1995 loss included non-cash charges of $15,376,000 relating to a write off of deferred exploration expenditures associated with certain of the Company's Venezuelan mineral properties, a $ 15,000,000 write down of the Company's investment in the La Camorra mine and a $1,330,000 inventory devaluation write down.
The losses were substantially due to increased reserves for doubtful accounts, write down of good will, and other one-time write downs.
The company stated that a majority of the remaining loss is generally a result of increased provisions for the write down of certain accounts receivables.
The prior write downs reflected the second quarter downsizing of the Company's Venezuelan operations and the decline in value of an investment in Tombstone Explorations Co.