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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA SBR Exams › Provision
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
Normally recognise provision and disclose contingent asset
