Current Liabilities Provisioning

Tax Glossary Definition

Current Liabilities Provisioning

Current liabilities provisioning is the accounting practice of recognizing anticipated obligations or expenses that a business expects to pay within the next 12 months. This ensures that the financial statements reflect a realistic picture of short-term obligations.

Example: Setting up a provision for audit fees payable at the end of the financial year is an instance of current liabilities provisioning.

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