(vii) Mr Liphoto, a friend of yours, overheard a discussion at work about changes her competitors want to make in accounting for credit losses from credit customers. Mr Liphoto knows little about accounting, and she asks you to help make sense of what he heard about alternative approaches to determining credit losses in the calculation of business profits. (vii) Mr Liphoto, a friend of yours, overheard a discussion at work about changes her competitors want to make in accounting for credit losses from credit customers. Mr Liphoto knows little about accounting, and she asks you to help make sense of what he heard about alternative approaches to determining credit losses in the calculation of business profits