Why this is mistaken
The net tie checks one total. The note must also explain the assets, estimate, risk information, allowance activity, and continuing involvement required for the entity and period.
Where to watch
When this mistake may appear
- Gross receivables less the allowance agrees with the statement amount.
Check your work
Your work may contain this mistake if:
- Stops after the net tie and omits class, policy, allowance activity, credit quality, or transfer information.