provision

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Provision

Used in accounting as a charge for an estimated expense or loss.

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.
References in periodicals archive ?
In the interest of fair play and in particular forthcoming semi-final match of FC Pune City, the interim suspension imposed upon Popovic is provisionally withdrawn subject to FC Pune City providing in writing an undertaking that there would be not an iota of indiscipline on the part of Popovic nor there would be any scope of complaint against him till final adjudication of the subject issue following hearing on 16/3/2018," Banerjee said.
Analysed by month, it was provisionally estimated that the value of total receipts of the restaurants sector increased by 4.
Hence, all these candidates have been declared successful provisionally, he added.
UEFA has now suspended the player provisionally for 30 days until a final decision is taken by the UEFA Control, Ethics and Disciplinary Body," UEFA said.
When the court talked for suspending the SHC decision provisionally, Khosa opposed saying this should not be done as there were no evidence available against his client and nor SHC decision can be suspended on the grounds of insufficient evidence.
An IOC statement said: "The IOC's executive board decided to provisionally suspend Mr.
28 October 2015 - The UK Competition and Markets Authority has provisionally cleared UK-based telecommunications company BT's anticipated acquisition of the EE mobile joint venture of between Germany-based Deutsche Telekom and France-based Orange S.
FIFA secretary-general Jerome Valcke has also been banned for 90 days, meaning the three most powerful men in world football are now all provisionally suspended while investigations by FIFA's ethics committee continue.
AIBA's decision to provisionally suspend BI came just two days later after the latter had announced the date for its annual general meeting on October 3.
And his restored replica of the car in movie Chitty Chitty Bang Bang was provisionally sold for PS190,000.
In April the CMA called for a full-scale review of the retailer's takeover of 99p Stores and following an in depth probe the deal was provisionally cleared.
As such, it has provisionally concluded the merger would not reduce competition.