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How is accounting for loss contingencies different under IFRS as compared to U.S. GAAP?
Estimated Useful Life
The expected period over which an asset is likely to be functional and contribute to the production of the entity that owns it.
Trade-in Allowance
The credit value offered by a retailer to a customer towards the purchase of a new item when exchanging an older model or item.
Book Value
The net value of a company's assets as recorded on the balance sheet, calculated by subtracting liabilities from the total value of assets.
Commercial Substance
Commercial substance refers to a transaction that causes a significant change in the cash flows of a company or significantly alters the entity's operations.
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