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Provision

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA FA – FIA FFA › Provision

  • This topic has 1 reply, 2 voices, and was last updated 9 months ago by John Moffat.
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  • November 1, 2021 at 4:05 pm #639691
    James124
    • Topics: 125
    • Replies: 97
    • ☆☆☆

    If obligation has arised we are unknown of amount but we know that it would occur after 1 year. Would we record it as Non-current Provision or leave it to record as current provision in next account period.

    November 2, 2021 at 6:43 am #639723
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 50053
    • ☆☆☆☆☆

    This is rather unlikely in real life (and even more unlikely in the exam). You would leave it until the next accounting period.

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