provision

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Provision

Used in accounting as a charge for an estimated expense or loss.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

provision

the sums charged in DOUBLE ENTRY ACCOUNTS against a firm's PROFITS in anticipation of costs which are likely to arise in the future. The most common general provision made by firms is the provision for DOUBTFUL DEBTS which is established in anticipation of some customers not paying what they owe. In addition, a firm may make a specific provision against, say, a damages claim which is presently not yet settled. Provisions are aimed at trying to ensure that profits are not overstated by making sure that all a firm's costs are charged, even those whose precise amount is not yet certain. See REVALUATION PROVISION, DEFERRED TAX.
Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson
References in periodicals archive ?
"A sample UKAD (UK Anti-Doping) collected from Mr Dillian Whyte in relation with his bout against Oscar Rivas yielded an adverse finding," the WBC said in a statement."In light of that adverse finding, and pending the outcome of the WBC's own investigation and adjudicatory process, the WBC is provisionally suspending the WBC's recognition of Dillian Whyte as WBC interim world heavyweight champion and mandatory challenger of the division.
The Karachi Zone has provisionally attached eight properties that it suspects belong to the Omni Group, show the official documents of the FBR.
'They have been provisionally admitted into the WPP, good for 90 days, pending investigation,' Guevarra said.
"So we have provisionally concluded that the public value justifies the impact on fair and effective competition, and the BBC can proceed with its plans."
30 April 2019 - The United Kingdom Competition and Markets Authority has decided to provisionally clear its previously completed acquisition of iZettle by US-based online payments company PayPal Holdings, Inc.
That provisional suspension remains in full force and effect and he has additionally been provisionally suspended under the ICC Code pending the determination of these new charges.
RIYADH: A court in Saudi Arabia has provisionally released three detainees accused of working with entities hostile to the Kingdom, Saudi Press Agency reported.
The investigatory chamber of the independent Ethics Committee has provisionally banned Mr Keramuddin Keram from all football-related activities at both national and international level," FIFA said.
The median percentage provisionally enrolled or attending school during a grace period was 1.8 percent.
Last year 38 were permanently withheld and an initial 34 provisionally held back.
Karachi -- Batsman Ahmed Shehzad, who was provisionally suspended by the Pakistan Cricket Board for failing a dope test, has been sacked as captain of his departmental team in the domestic circuit.