The term "provision" as it is used in IAS 37, is most closely related to what term in U.S. GAAP? Contingent liability, where the outflow of resources is "remote." O Contingent liability, where the outflow of resources is "probable." Current liability, where the outflow is difficult to measure.

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Contingent Liabilities and Provisions

A contingent liability can be defined as a liability the occurrence of which is dependent upon the happening of an uncertain future event. It is generally recorded in the books only when the amount of liability can be reasonably estimated and the contingency is likely to occur shortly.