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 ?
As a central component of such a system user management and provisioning provides an automated and auditable approach to issuing, changing and removing user entitlements in an ever changing business environment.
As one of the world's largest independent information technology and business process services firms, we needed a user management and provisioning system that was highly automated and extremely scaleable," said Gordon Raaflaub, Senior Analyst at CGI, a Provisor customer employing approximately 25,000 staff.
Automated user management and provisioning is a critical component of a secure identity management infrastructure, but solution deployment is often slowed by complex directory environments that require an organization to perform substantial cleanup and account synchronization," said Jeffrey Schultz, SVP of sales and marketing at Abridean.