writeoff

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Related to Writeoffs: write-down, Written off

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.

writeoff

A reduction to zero in the value of an asset carried on a firm's financial statement. Companies often hesitate to make writeoffs because profits reported to stockholders are reduced.
References in periodicals archive ?
Pearson and Okubara (Accounting Horizons, March, 1987) point out that recent writeoffs related to restructurings have some special features: 1) the magnitude of the dollars involved; 2) a sudden spurt in the number of firms undergoing the process; and 3) partial writedowns of assets remaining in use.
It is believed that banks would declare writeoffs of about GBP32bn, and the biggest writedown is expected to be declared by Lloyds Banking Group (LSE: LLOY), largely as a result of problems inside its HBOS businesses.
1 million, which was partly offset by restructuring charges and other writeoffs that reduced net income by $26.
Aside from enjoying the prestige of a fine collection, a corporation can recoup some of the money it spends on it by donating works to museums and taking advantage of the writeoffs.
Covered topics range from the Income Statement and Balance Sheet to Depreciation, Writeoffs and Recent Scandals.
Since Gerstner's writeoffs, IBM shares have surged nearly 1,400 percent
Analysts have opined that Bank of America Corp (NYSE: BAC) may have to increase loan writeoffs.
And almost 100 writeoffs in the sample had passed the NCT, the report found.
Pluto Nash," for instance, has already been erased from AOL Time Warner's books, in the form of multiple quarterly writeoffs.
Among the SEC's concerns are the huge writeoffs of acquired in-process research and development (R&D).
Writeoffs of damaged or useless inventory are required, but inventory write-downs for reasons related to lower-of-cost-or-market considerations must first be cleared with the overseeing state agency.
The Company's gross margin for the quarter was 66%, compared to 57% for the second quarter of 2001 (excluding writeoffs as detailed in the Company's 2001 reports).