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Provisions and Liabilities: Do you know the difference?

Provisions and Liabilities: Do you know the difference?

Provisions and liabilities – words that are often used interchangeably but for accounting purposes they are not the same. To determine whether expenditure is a provision or a liability depends on the certainty, timing and amount of the expenditure.The classification of provisions and liabilities depends on the answers to the questions as set out inRead more about Provisions and Liabilities: Do you know the difference?[…]