# The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, Regulation 24: Amendment of Schedule 7 (interpretation of term “provisions”) to the Small Companies Accounts Regulations


After paragraph 2 of Schedule 7 to the Small Companies Accounts Regulations, insert—
“2A. At the balance sheet date, a provision must represent the best estimate of the expenses likely to be incurred or, in the case of a liability, of the amount required to meet that liability.
2B. Provisions must not be used to adjust the values of assets.”

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Source: https://www.legislation.gov.uk/ukdsi/2015/9780111130230/regulation/24 (the official version)
Page: https://openlegislation.uk/draft-companies-partnerships-and-groups-accounts-and-reports-regulations-2015/regulation-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.