Examlex
Alexander Maconochie used a _____ system, whereby the duration of a sentence would be decided by the prisoner's good conduct.
Deferred Liability
A deferred liability is a financial obligation that a company owes and is recorded on its balance sheet to be settled in a future period.
Uncertain Future Events
Events whose occurrence and impact cannot be predicted with certainty, often requiring risk management and contingency planning.
Contingent Liability
A possible obligation that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity.
AASB 137
refers to an Australian accounting standard concerning the recognition and measurement of provisions, contingent liabilities, and contingent assets.
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