by
Sohail Lone , Assistant Manager Audit , Deloitte - United Arab Emirates
Accounting Provisions are made in accordance with IAS37 .Provisions ate created for liabilities and Assets.For liabilities provision are present obligation resulted from past event that will result in outflow of economic resources.Whereas provision for assets will result in inflow of economic resources as a rule if past events.The Provision must be realably measured n estimated.
