Provision

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.

Law.

A significant individual part of a law, for example a Section in an Act of Parliament.

3.

Contract law.

A significant individual part of a contract, for example a clause or a term in a contract.

See also

• Accrual
• Bad debt provision
• Book reserve
• FRS 102
• General provision
• IAS 37
• Liabilities
• Term
• Zero rate provision