# The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Paragraph 2A: Definition of “Provisions”


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.

---
Source: https://www.legislation.gov.uk/uksi/2008/410/schedule/9/paragraph/2A (the official version)
Page: https://openlegislation.uk/large-and-medium-sized-companies-and-groups-accounts-and-reports-regulations-2008/schedule-9/paragraph-2A
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.