Provision: Difference between revisions
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imported>Doug Williamson (Link with Depreciation page.) |
imported>Doug Williamson (Link with Make whole provision page.) |
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* [[IAS 37]] | * [[IAS 37]] | ||
* [[Liabilities]] | * [[Liabilities]] | ||
* [[Make whole provision]] | |||
* [[Term]] | * [[Term]] | ||
* [[Zero rate provision]] | * [[Zero rate provision]] | ||
[[Category:Compliance_and_audit]] | [[Category:Compliance_and_audit]] | ||
Revision as of 16:47, 1 October 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.
