accountingprovisions

In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity.

In other words, provision is a liability of uncertain timing and amount. Provisions are listed on a company's balance sheet under the liabilities section.

IAS 37 defines and specifies the accounting for and disclosure of provisions, contingent liabilities, and contingent assets. Provisions.

When a business sets aside some money to cover future costs or liabilities, this is called a provision. Provisions in accounting have a different meaning to ...

2022年12月12日 — Provisions provide companies with the protection of their future assets and establish deadlines for meeting existing obligations. A company's ...

IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent ...

2023年10月31日 — A provision is when a company sets aside money to cover unforeseen future costs or liabilities. They are significant in accounting. Businesses ...

Under the SA, accounting provisions – for regulatory purposes – are classified into Specific Provisions (SP) and General Provisions (GP). GP are provisions ...