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How is present value related to the concept of a liability

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Reference no: EM132601682

Question 1: How is present value related to the concept of a liability? Define a contingency and a contingent liability. What is the key characteristic of a present obligation? What are the recognition criteria for provisions?

Reference no: EM132601682

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How is present value related to the concept of a liability : Define a contingency and a contingent liability. What is the key characteristic of a present obligation? What are the recognition criteria for provisions?
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