Fines & Penalties Expense
Code: 5268
👁 Views: 271
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Fines and financial penalties paid by the company due to administrative, traffic, or tax violations (not related to income tax).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 16 / IAS 38
PPE / Intangibles
US GAAP
ASC 360 / ASC 350
PPE / Intangibles
❓ Frequently Asked Questions
Q: How are fines and penalties recorded?
A: Dr. Fines & Penalties Expense, Cr. Bank. These expenses are not tax-deductible in most countries.