Are provisions long term liabilities or short term?
Statement of Financial Position constitutes both "Long Term
Provisions" as well as "current provisions" depending upon their
nature and upon the fact that whether they fulfill the criteria for
long or current provisions. This fact is evidenced by the sample
statement of financial position as provided in IAS1 of IFRS where
the long term liabilities constitute an item "provisions" and under
the head of short term-liabilities there exists an item named
"current provision".