April 2022
Beginner
535 pages
11h 35m
English
Content preview from The Finance Book, 2nd Edition
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14 Provisions and contingencies
‘There is nothing more imprudent than excessive prudence.’
Charles Caleb Colton, British clergyman and author
In a nutshell
Provisions and contingencies are liabilities arising from past activities, which a company may have to pay in the future.
To present a realistic and prudent picture of financial performance, company accounts may include provisions for liabilities, even where the extent and timing of these liabilities cannot be precisely determined.
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Provisions
A provision is a known yet imprecise liability, i.e. we know it exists but we may not know exactly when it will have to be paid or how ...
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