Liabilities are included on a company’s balance sheet to offset any assets, and are broken down into two classifications: current and noncurrent debts. Typically, these liabilities consist of money that a company owes to others for various business-related investments or loans. The recording of the liability in the entity's balance sheet is matched to an appropriate expense account in the entity's income statement. The preceding is correct in IFRS. In U.S. GAAP, a provision is an expense. Thus, "Provision for Income Taxes" is an expense in U.S. GAAP but a liability in IFRS.

Balance Sheet, ASC 210; Bank Reconciliation; Capitalized Advertising Costs, ASC 340; Cash and Cash Equivalents; Characteristics of Useful Information; Classification of Assets; Classification of Liabilities; Classified Balance Sheet; Classified Balance Sheet Practice; Closing Journal Entries; Codification of U.S. GAAP, ASC 105 Provision: an expense or liability. In the United States Generally Accepted Accounting Principles (GAAP), a provision means an expense. On the other hand, in the International Financial Reporting Standards (IFRS), a provision means a liability. So, in the United States, a provision made for for income taxes is the same