Provision: Difference between revisions
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1. ''Accounting''. | 1. ''Accounting - noun''. | ||
A form of liability where there is uncertainty as to the amount and timing of final settlement. | A form of liability where there is uncertainty as to the amount and timing of final settlement. | ||
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2. ''Accounting''. | 2. ''Accounting - noun''. | ||
A reduction in the carrying amount, or net book value, of an asset to recognise an estimated reduction in value. | A reduction in the carrying amount, or net book value, of an asset to recognise an estimated reduction in value. | ||
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3. ''Law''. | 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. | 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. | A significant individual part of a contract, for example a clause or a term in a contract. | ||
Revision as of 08:29, 30 January 2019
1. Accounting - noun.
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.
