What is long term provisions and give some example
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Examples of long-term liabilities include;
-Provision for depreciation
-provision for repairs
-and renewals.
A provision can be a liability of uncertain timing or amount. A liability, in turn, is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
-Provision for depreciation
-provision for repairs
-and renewals.
A provision can be a liability of uncertain timing or amount. A liability, in turn, is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
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