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What are schemas and why are they often adaptive?
IFRS
International Financial Reporting Standards, which are global accounting standards for preparing financial statements, making it easier to compare entities internationally.
Current Liability
An obligation that a company is required to pay off within the current fiscal year or operating cycle, essentially a rephrased definition of current liabilities.
Bank Indebtedness
A financial obligation or debt owed to a bank by an individual or corporation, usually in the form of loans or lines of credit.
Contingent Liability
A potential financial obligation that may occur depending on the outcome of a future event.
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