This article highlights existing problems in the accounting of provision liabilities. In accordance with international standards, the types of provision liabilities, as well as the procedures for their recognition and measurement, have been improved. The article outlines the procedures for opening and maintaining accounts related to the current chart of accounts for the purpose of recording provision liabilities. It also provides recommended accounting practices for handling provision liabilities. The implementation of these recommendations in practice will ensure that provision liabilities are accounted for in accordance with international standards.