Re: Accounting language to plain language - translation, please?

Subject: Re: Accounting language to plain language - translation, please?
From: reshma pendse <reshma_pendse -at- yahoo -dot- co -dot- in>
To: "elizabeth -dot- sprague -at- maine -dot- rr -dot- com" <elizabeth -dot- sprague -at- maine -dot- rr -dot- com>, "techwr-l -at- lists -dot- techwr-l -dot- com" <techwr-l -at- lists -dot- techwr-l -dot- com>
Date: Thu, 12 Jul 2012 12:06:05 +0800 (SGT)

Hi Elizabeth,

I assume you're re-writing these policies and procedures for staff to understand while evaluating and granting loan requests. If that is the case, I wonder why the staff would want to know the accounting implications of this account. All they might need to know is what the LLR account is, and on what basis an entry is made in this account, as well as in the Loans Outstanding asset account. I'm not sure you're giving them info they can use.

If my assumption is incorrect, I'd like a better understanding of what exactly the purpose of the document is, in order to provide more helpful suggestions.Â

In the meanwhile, simply translating the jargon might go something like this:

"On <my non-profit's> balance sheet,ÂtheÂloan loss reserve (LLR) accountÂÂis a contra account to the Loans Outstanding asset account. The balance in the LLR account is equal to or greater than the sum of the LLR assigned to each loan in the portfolio. ÂA Loan Loss Expense (or Provision for Loan Losses) entry on the income statement effects a corresponding increase to the LLR account balance."Â

regards,
Reshma


________________________________
From: "elizabeth -dot- sprague -at- maine -dot- rr -dot- com" <elizabeth -dot- sprague -at- maine -dot- rr -dot- com>
To: techwr-l -at- lists -dot- techwr-l -dot- com
Sent: Thursday, 12 July 2012 3:51 AM
Subject: Accounting language to plain language - translation, please?

Hi folks -

It's been years since I last posted to the list but I think mine may be an appropriate question for this forum.

At a small non-profit with whom I work, I'm involved in a project to re-write our loan policies and procedures. One intention for this project is to provide language through the document that's accessible for all staff the first time they read it. (What a concept, right?)

The accounting consultant who generated the text in question asserts that the text is sufficient as is. I hold another view and, advocating for a more democratic narrative, I've indicated that I'd attempt a re-write to plain language and offer that re-write for review.

Here's the original text:

"On <my non-profit's> balance sheet the loan loss reserve is a contra account to the Loans Outstanding asset that is equal to or greater than the aggregate of the loan loss reserve (âLLRâ) assigned to each loan in the portfolio. Increases to the contra-asset account is accompanied with a Loan Loss Expense (or Provision for Loan Losses) entry on the income statement."

How would you translate into plain language?

TIA,

Elizabeth Sprague
esprague -at- maine -dot- rr -dot- com

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