Provision

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Revision as of 08:26, 30 January 2019 by imported>Doug Williamson (Add links.)
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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 tax anti-avoidance provision.


4. Contract law.

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


See also