| 单词 | provision |
| 释义 | provision provision An amount set aside out of profits in the accounts of an organization for a known liability (even though the specific amount might not be known) or for the diminution in value of an asset. Common examples include provisions for bad debts, for depreciation, and for accruals. According to the UK Companies Act notes must be given to explain every material provision in the accounts of a limited company. Because of abuses in the use of provision, current accounting rules define a provision quite narrowly as a definite liability arising from a past event that is nevertheless of uncertain timing or amount; this would not include e.g. a provision for depreciation. Detailed guidance can be found in Section 21 of the Financial Reporting Standard Applicable in the UK and Republic of Ireland. The relevant International Accounting Standard is IAS 37, Provisions, Contingent Liabilities and Contingent Assets. |
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