{"id":13610,"date":"2023-08-29T06:48:35","date_gmt":"2023-08-29T06:48:35","guid":{"rendered":"https:\/\/vibrantfinserv.com\/kb\/?p=13610"},"modified":"2024-05-03T04:55:32","modified_gmt":"2024-05-03T04:55:32","slug":"provisions-for-taxes","status":"publish","type":"post","link":"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/","title":{"rendered":"Are there any provisions for taxes or other contingent liabilities on the balance sheet?"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-18 alignleft\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png\" alt=\"\" width=\"96\" height=\"46\" srcset=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ-300x143.png 300w, https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/05\/Logo-Vibrant-FinServ.png 482w\" sizes=\"auto, (max-width: 96px) 100vw, 96px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Provisions_for_Taxes\" >Provisions for Taxes<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Income_tax_provision\" >Income tax provision<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Deferred_tax_liability\" >Deferred tax liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Warranty_liability\" >Warranty liability<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Product_liability_lawsuit\" >Product liability lawsuit<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/#Environmental_liability\" >Environmental liability<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Provisions_for_Taxes\"><\/span><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Provisions for Taxes<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h2 style=\"text-align: center;\"><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright\" src=\"https:\/\/vibrantfinserv.com\/kb\/wp-content\/uploads\/2023\/08\/51.jpg\" alt=\"Provisions for taxes\" width=\"217\" height=\"116\" \/><\/span><\/h2>\n<p>&nbsp;<\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation.\u00a0<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"> are typically recorded in the balance sheet as a liability and they are an expense on the income statement.<br \/>\n<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\">Contingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur and the amount of the liability can be reasonably estimated.<\/span><\/p>\n<p><span data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is probable that an outflow of resources will be required to settle the obligation. Provisions for taxes are typically recorded in the balance sheet as a liability, and they are an expense on the income statement.\\r\\nContingent liabilities are potential liabilities that may arise from uncertain future events. Contingent liabilities are not recognized in the balance sheet unless it is probable that the liability will occur, and the amount of the liability can be reasonably estimated. If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet, and it is an expense on the income statement.\\r\\nThe following are some examples of provisions for taxes or other contingent liabilities that may be found on a balance sheet:\\r\\n\\r\\nIncome tax provision\\r\\nDeferred tax liability\\r\\nWarranty liability\\r\\nProduct liability lawsuit\\r\\nEnvironmental liability\\r\\nThe specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances. However, all companies are required to disclose all material provisions for taxes or other contingent liabilities in the footnotes to their financial statements.&quot;}\" data-sheets-userformat=\"{&quot;2&quot;:573,&quot;3&quot;:{&quot;1&quot;:0},&quot;5&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;6&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;7&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;8&quot;:{&quot;1&quot;:[{&quot;1&quot;:2,&quot;2&quot;:0,&quot;5&quot;:{&quot;1&quot;:2,&quot;2&quot;:0}},{&quot;1&quot;:0,&quot;2&quot;:0,&quot;3&quot;:3},{&quot;1&quot;:1,&quot;2&quot;:0,&quot;4&quot;:1}]},&quot;12&quot;:0}\"> If a contingent liability is probable and can be reasonably estimated, it is recorded as a liability on the balance sheet and it is an expense on the income statement.<br \/>\n<\/span><\/p>\n<p><strong>The balance sheet may contain the following examples of provisions for taxes or other contingent liabilities:<\/strong><\/p>\n<ul>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Income_tax_provision\"><\/span>Income tax provision<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Deferred_tax_liability\"><\/span>Deferred tax liability<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Warranty_liability\"><\/span>Warranty liability<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Product_liability_lawsuit\"><\/span>Product liability lawsuit<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<li>\n<h4><span class=\"ez-toc-section\" id=\"Environmental_liability\"><\/span>Environmental liability<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/li>\n<\/ul>\n<p>The specific provisions for taxes or other contingent liabilities that are listed on a balance sheet will vary depending on the company and its specific circumstances.<\/p>\n<p>However, all companies are required to disclose all material\u00a0 or other contingent liabilities in the footnotes to their financial statements.<\/p>\n<p><strong>To visit: <a href=\"https:\/\/www.incometax.gov.in\">https:\/\/www.incometax.gov.in<\/a><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/encrypted-tbn0.gstatic.com\/images?q=tbn:ANd9GcS0-kOZtJyLk-j_y5CpN1AbemIzo74h6Zj9TO0-R-ZtvYo-6dTpR4Y7OAakYaSD09coSbI&amp;usqp=CAU\" alt=\"Stocks | Contingent liabilities: 7 stocks with declining contingent liabilities and highest upside potential\" \/><\/p>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center;\"><strong>For further details access our website: <a href=\"https:\/\/vibrantfinserv.com\">https:\/\/vibrantfinserv.com<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Provisions for Taxes &nbsp; Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation.\u00a0 are typically recorded in the balance sheet as a liability and they are\u2026 <span class=\"read-more\"><a href=\"https:\/\/vibrantfinserv.com\/kb\/provisions-for-taxes\/\">Read More &raquo;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":15821,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2539],"tags":[2795,2793,2794],"class_list":["post-13610","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-balance-sheet-draft","tag-financialstatementdisclosure","tag-liabilitiesandprovisions","tag-taxprovisionsandcontingencies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Provisions for Taxes\/ Article\/ VibrantFinserv<\/title>\n<meta name=\"description\" content=\"Provisions for taxes are liabilities that are recognized when a company has a present obligation as a result of a past event, and it is -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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