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The Principle of Prudence and the Constituency of Provisions

Saveta Tudorache, Anca Bratu and Mariana Gurau
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Saveta Tudorache: University Nicolae Titulescu
Anca Bratu: Faculty of Bussines and Administration - University of Bucharest
Mariana Gurau: University Nicolae Titulescu

Manager Journal, 2008, vol. 8, issue 1, 77-84

Abstract: Provisions are constituted for the purpose of complying with the principle of prudence These are comprised into annual expenses until they are used. Their destination is to cover the expenses that prior or actual events make them possible. Indirectly, the provisions represent the equivalent of probable debts generating loss or expense.

Keywords: provisions; legal obligation; implied obligation; prior event; uncertain value. (search for similar items in EconPapers)
Date: 2008
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Handle: RePEc:but:manage:v:8:y:2008:i:1:p:77-84