Provisions Assignment Help
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:
- It is very important for a company to perform a proper amount of regulatory measures and it is very important for this measurement to be taken up by the management of the company.
- Obligation results should always be based on economic resources.
- The obligation must always be the result of certain events that will prep one balance sheet date and might also result either in the constructive or a legal obligation.
- You cannot consider this obligation to be certain. You can only consider it as probable. You can consider it to be 50% probable.
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Most common provisions
Some of the most common provisions include:
- Bad debts
- Restructuring the liabilities
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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