Provision: Difference between revisions
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imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Add examples.) |
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1. | 1. ''Accounting''. | ||
''Accounting''. | |||
A form of liability where there is uncertainty as to the amount and timing of final settlement. | A form of liability where there is uncertainty as to the amount and timing of final settlement. | ||
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2. | 2. ''Accounting''. | ||
''Law''. | A reduction in the carrying amount, or net book value, of an asset to recognise an estimated reduction in value. | ||
Examples include bad debt provisions and provisions for depreciation. | |||
3. ''Law''. | |||
A significant individual part of a law, for example a Section in an Act of Parliament. | A significant individual part of a law, for example a Section in an Act of Parliament. | ||
4. ''Contract law''. | |||
''Contract law''. | |||
A significant individual part of a contract, for example a clause or a term in a contract. | A significant individual part of a contract, for example a clause or a term in a contract. | ||
Revision as of 21:20, 21 May 2017
1. Accounting.
A form of liability where there is uncertainty as to the amount and timing of final settlement.
Relevant accounting standards include IAS 37 and Section 21 of FRS 102.
2. Accounting.
A reduction in the carrying amount, or net book value, of an asset to recognise an estimated reduction in value.
Examples include bad debt provisions and provisions for depreciation.
3. Law.
A significant individual part of a law, for example a Section in an Act of Parliament.
4. Contract law.
A significant individual part of a contract, for example a clause or a term in a contract.
