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In financial accounting under International Financial Reporting Standards (IFRS), a provision is an account that records a present liability of an entity. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account on the entity's income statement .
Liabilities of uncertain value or timing are called provisions. When a company deposits cash with a bank, the bank records a liability on its balance sheet, representing the obligation to repay the depositor, usually on demand. Simultaneously, in accordance with the double-entry principle, the bank records the cash, itself, as an asset. The ...
IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
Generally Accepted Accounting Principles, "provision" refers to a debit balance, not a credit balance. "Provision" is a dangerous word to use in attempting to achieve clear communications in conversations with U.S. and IASB conversations. "Provision for Income Taxes" means expense in U.S. GAAP and liability in IASB vernacular.
The Windfall Elimination Provision affects people who qualify for Social Security benefits through their job but also receive a pension from another job where they didn't pay into Social Security.
Heads up to anyone who is a freelancer, independent contractor, business owner, property renter or just a hobbyist who occasionally sells their creations: If you accept business-related income ...
An ex post facto law [1] is a law that retroactively changes the legal consequences or status of actions that were committed, or relationships that existed, before the enactment of the law.
Brazilian star Marta is staying with the Orlando Pride. The six-time FIFA world player of the year has re-signed with the defending National Women's Soccer League champions through 2026. Along the ...