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what is the distinction between provisions and reserves
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Answer Posted / h.r. sampath kumar
a) Provision is an amount which is written off or
retained by way of providing for depreciation, renewals
or dimunition in the value of assets or retained by way of
providing for any known liability, the amount of which
cannot be ascertained with substantial accuracy.
b) Reserve shall not include any amount written off or
retained by way of providing for depreciation, renewals
or dimunition in the value of assets or retained by way of
providing for any known liability, the amount of which
cannot be ascertained with substantial accuracy. ( a
negative definition)
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