Accounting framework
Friday, 16 November 2018
4:10 PM
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CONSEQUENCES:
1. Asset is the source of economic benefit rather than benefit itself…
2. Economic Asset is more important than physical asset
3. Substance over form…
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Contingent
Liability
(past event)
CONSEQUENCES:
1. Present obligation is a duty or responsibility rather than outflow of economic benefit
2. Entities need to access contingent liabilities
3. Off balance sheet liabilities need to be recognised "ON balance sheet"
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