Paragraph 2A Definition of “Provisions”F1
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.
Annotations
Textual amendments
- F1
Sch. 9 paras. 2A, 2B inserted (with effect in accordance with reg. 2(2)-(5) of the amending S.I.) by The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (S.I. 2015/980), regs. 2(1), 40 (with reg. 3)