# The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015, Regulation 40: Amendment of Schedule 9 (interpretation of term “provisions”) to the Large and Medium-sized Companies Accounts Regulations


After paragraph 2 of Schedule 9 to the Large and Medium-sized 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 value of assets.”

---
Source: https://www.legislation.gov.uk/ukdsi/2015/9780111130230/regulation/40 (the official version)
Page: https://openlegislation.uk/draft-companies-partnerships-and-groups-accounts-and-reports-regulations-2015/regulation-40
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.