Provision: Difference between revisions
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* [[Net book value]] | * [[Net book value]] | ||
* [[Prudence]] | * [[Prudence]] | ||
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* [[Term]] | * [[Term]] | ||
* [[Zero rate provision]] | * [[Zero rate provision]] | ||
Revision as of 15:58, 15 November 2020
1. Financial reporting - balance sheet - liabilities.
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.
