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Provision (accounting) - Wikipedia, the free encyclopedia
In financial accounting, provision is a word that creates an ambiguous account title. In U.S. GAAP, provision means an expense, while in IFRS, International Financial Reporting Standards, it means a...
en.wikipedia.org/wiki/Provision_(accounting) |
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Again, that title could imply that money was set aside. To avoid misinterpretation, the accounting profession suggested Allowance for Bad Debts or Provision for Bad Debts.
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Accounting: calculation of uncollectible accounts receivable for the estimated provision amount ... Provision for uncollectible accounts during 2004 ; (2% on credit sales of $2,000,000) 40,000 ; Uncollectible accounts written off, 11/30/04 44,000 ; Estimated uncollectible accounts per aging, 12/31/04 74,000 ;
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For five years, industry groups have complained that the law is too complex and burdensome, homing in on a provision that requires companies to assess the strength of their financial controls designed to prevent fraud and mistakes. ... Any change to accounting rules can mean millions of dollars in cost savings --
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Provision for retirement benefits ... Provisions for reorganization or severance : this provision is recorded when a company announces a plan to change its organization structure, which will incur significant costs, including termination of personnel ... Free Online Learning Accounting Basics, Principles And Terms...
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If you aren’t familiar with FAS 157, it’s officially known as the "fair value measurement" rule and unofficially known by some as the "mark to market" provision. Before you ask, "wait – isn’t mark to market the thing that got Enron in trouble and ... It doesn't require the use of fair value accounting at all.
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The issuance of this standard on accounting for income taxes will be viewed by most business groups as a welcomed change given the shortcomings of current guidance in this area. ... The total tax provision under SFAS 109 is the sum of the current tax provision or benefit and the deferred tax provision or benefit.
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