Provision: Difference between revisions
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imported>Doug Williamson (Link with Call provision page.) |
imported>Doug Williamson (Add tax anti-avoidance provision example.) |
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3. ''Law''. | 3. ''Law''. | ||
A significant individual part of a law, for example a | A significant individual part of a law, for example a tax anti-avoidance provision. | ||
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== See also == | == See also == | ||
* [[Accrual]] | * [[Accrual]] | ||
* [[Anti-avoidance provision]] | |||
* [[Bad debt provision]] | * [[Bad debt provision]] | ||
* [[Book reserve]] | * [[Book reserve]] | ||
Revision as of 20:32, 3 February 2018
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.
