provision

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provision

A term which, as used in UK medical practice, corresponds to one or more legal conditions/provisos written into a contract or financial arrangement, when a particular type of expense is anticipated but its actual and final cost is uncertain—e.g., clinical negligence liability.

Provisions are included in contracts to comply with the accounting principle of prudence. An estimate of the likely expense is charged to the income and expenditure account—for the Department, to the Operating Cost Statement—as soon as the issue comes to light, even though a cash payout might not occur for many years, if at all. The expense is matched by a balance-sheet provision entry showing the potential liability to the organisation.
References in periodicals archive ?
The market is crying out for user management and provisioning capabilities that can quickly tackle the most pressing identity and rights management issues within at-risk business systems, while also having the scope to extend those capabilities to enforce policies in an ever more rigorous way," says Richard Moulds, vice president of Marketing at nCipher.
3 is available immediately and contains a number of powerful enhancements that bring user management and provisioning within reach for organizations facing these emerging security challenges.
Abridean provides user management and provisioning software for Global 2000 and mid-market enterprises, as well as service providers that host enterprise software.