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Provision vs contingent liability
I was just curious to know if provision is sort of contingent liability and how it is treated in IFRS, GAAP and IAS. Thanks
Apr 02 2013 01:02 PM
Provisions are made for known liabilities which may occur in future is Contingent liabilitiy is provision made for unknown liabilities which may or may not occur in future.
Apr 10 2013 01:31 PM
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