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Provision

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Provision

  • This topic has 1 reply, 2 voices, and was last updated 6 years ago by Stephen Widberg.
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  • February 13, 2020 at 9:32 am #561643
    wyyy
    Member
    • Topics: 24
    • Replies: 22
    • ☆

    Hi,
    Do we still need provide for provision if it is insured by insurance?

    For example, if provision should be $1000, but it is insured full amount. Do we need to provide for provision, at the same time for contingent asset? Or do nothing

    If the provision is $1000, but insured for $900. Can provision recognised should be 100?

    Thank you

    February 13, 2020 at 4:20 pm #561704
    Stephen Widberg
    Keymaster
    • Topics: 17
    • Replies: 3444
    • ☆☆☆☆☆

    Normally recognise provision and disclose contingent asset

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