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Which of the following is true about privacy?
Contingent Liabilities
Potential obligations that may arise from past events, depending on the outcome of future events.
IFRS
International Financial Reporting Standards, a set of global accounting guidelines that govern how companies prepare and disclose their financial statements.
GAAP
Generally Accepted Accounting Principles; the standard framework of guidelines for financial accounting used in any given jurisdiction.
Current Liability
A company's debts or obligations that are due within one year, including accounts payable, short-term loans, and taxes payable.
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