What is the difference between provision and reserve?

Provision is must charged to P/L A/c before calculating the net profit or loss, but reserve can made only when there is profit

La prestation::: compensatoire est une somme d’argent versée par un époux à son ancien conjoint afin de compenser la chute de son niveau de vie qui s'est créée à la suite de leur divorce , une réserve ;désigne un ensemble (le contenu ou par extension le contenant) mis de côté à titre de sécurité, de provision ou de conservation.

A provision is a liability of uncertain timing or amount.

 

A provision shall be recognised when :

• An entity has a present obligation, legal or constructive, as a result of a past event;
• It is probable that an outflow of resources will be required to settle the obligation;
• A reliable estimate can be made of the amount of the obligation 

 

Incase of reserves, some amout of profits are kept aside with the objective to strenghten the financial postion & to meet the future unknown losses & liabilities.

 

Reserve is shown on debit side of profit & loss appropriation account and liabilities side of Balance Sheet/Statement of Financial Position.

Provsion is shown on debit side of profit & loss account & assets side of Balance Sheet as deduction from concerned asset.

 

Reserves can distributes as dividends to shareholders & provision cannot be distributes as dividend to shareholders.

Provision - To keep aside an expected/outstanding cost, which are not yet 'billed' to a separate account called Provision for Outstanding Expenses. 
There are other types of Provision such as Bad debt provision, specific debt provision and general debt provision; which refers to potential loss means provisioning for expected/specific loss.
  RESERVES are the funds keep aside from the Net profit for a specific/regulatory purposes such Cash Reserve, Future expansion reserves, etc