Provisions, or the principle of prudence

Provisions, or the principle of prudence

This newsletter dealing with the provisions of the Act on Accounting highlights issues that may arise with respect to provisions.

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Several issues were examined above as to whether entities have any obligations as at the reporting date for which provisions need to be made, and how to measure the amounts of provisions.

In this newsletter we did not intend to cover all types of transaction or address all the issues that may arise in this context. If you still have any uncertainties or our newsletter provided you with food for thought, we recommend you contact your tax or accounting advisor, or us, because meticulously planned and thorough methodology can make a significant contribution to ensuring annual reports provide a true and fair view of companies’ net assets and financial positions as well as the results of their operations.

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