A provision is liability of uncertain timing or amount ( a liability being a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resource embodying economic benefits)
A contingent liability is a possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because:
1. It is not probable than an outflow of resources embodying economic benefits will be required to settle the obligation or
2. The amount of the obligation cannot be measured with sufficient reliability.
Wilfykil answered the question on February 8, 2019 at 06:13
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