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What is Provisions vs Reserves in Accounting about?

The document discusses provisions and reserves. [1] Provisions are expenses or losses for the current period that are uncertain in amount but need to be estimated to determine true profits, such as provisions for doubtful debts. [2] Reserves are appropriations of profit that strengthen the financial position, unlike provisions which are charges against profit for known liabilities. [3] Provisions are shown as deductions from assets or as current liabilities, while reserves are shown on the liabilities side

Author

Shanu Singh

Language

EN