Provision: Difference between revisions
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imported>Doug Williamson (Add links.) |
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* [[Carrying amount]] | * [[Carrying amount]] | ||
* [[Contract]] | * [[Contract]] | ||
* [[Deficit]] | |||
* [[Depreciation]] | * [[Depreciation]] | ||
* [[FRS 102]] | * [[FRS 102]] | ||
Revision as of 07:49, 20 May 2020
1. Accounting - noun.
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 - noun.
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. Accounting - verb.
To create an accounting provision, or increase the amount of a provision.
4. Law.
A significant individual part of a law, for example a tax anti-avoidance provision.
5. Contract law.
A significant individual part of a contract, for example a clause or a term in a contract.
