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Accurals & Provisions

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Accurals & Provisions

  • This topic has 1 reply, 2 voices, and was last updated 11 years ago by John Moffat.
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  • September 1, 2014 at 8:09 am #193182
    Shafiq
    Member
    • Topics: 3
    • Replies: 1
    • ☆

    Wht is difference in Accurals & Provisions?

    September 1, 2014 at 10:16 am #193189
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54764
    • ☆☆☆☆☆

    The entries are the same. The difference is that we call it a provision when we are not certain of the amount or we are not certain when it will be payable. (For example, tax is likely to be called a provision – at the end of the year we will estimate the tax owing, but we will not be certain until the tax people have actually confirmed it – this is unlikely to have happened by the time the accounts become final)

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