Some Important Facts about Provisions as Explained by the Experts
Provisions are basically an amount of money that is kept aside in order to deal with decreasing value of an asset or with an unexpected liability.However, there is no fixed amount decided for this.
It is a certain part of company’s profit that is kept aside to deal with any expense that might occur in the future. Most important purpose of this provision is to ensure that balance sheet for the particular year is most accurately made. With proper provisions, a particular company is able to deal with a cost that the company encountered in that financial year.
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How to create a provision?
There are a number of factors that are responsible for creating provisions of a particular company.In order to view financial obligation of a particular company as a provision, it is important to fulfill certain important criterion.
Given below is a list of those criterions discussed in details:
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Most common provisions
Some of the most common provisions include:
Bad Debt Provision
In order to manage debts that might occur during an accounting period is referred to as Bad Debt. Normally provision for bad debt is included in company budget and is calculated based on past experiences and industry average.
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