13 March 2010
para 12(b) prescribes the difference between Provisions and Accruals:
accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees. ALTHOUGH IT IS SOMETIMES NECESSARY TO ESTIMATE THE AMOUNT OF ACCRUALS, THE DEGREE OF ESTIMATION IS GENERALLY MUCH LESS THAN THAT FOR PROVISIONS.
13 March 2010
it prescribes that, Accruals are liabilities to pay for goods or services that have been received or supplied but have not been paid, invoiced or formally agreed with the supplier, including amounts due to employees.
17 March 2010
Can it be defined as below? (as per my understanding) Provisions are liability, measured with substantial degree of estimation, for which till the date of balance sheet Goods or services have not been received. Accruals are liability for the goods or services received till the date of balance sheet, but amount is not agreed exactly.
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