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What is Understanding Provisions in Accounting about?

A provision is a liability of uncertain timing or amount that satisfies three conditions: there is a present obligation from a past event, payment must be made, and the amount can be reliably estimated. In the past, companies sometimes used provisions to artificially smooth reported profits, a practice known as "big bath accounting" that manipulated results to increase executive bonuses. International Accounting Standard 37 forbids the use of provisions to manipulate profits by overstating expenses in one y

Author

Duong Thanh Nhan

Language

EN