In AASB 110 "Events After the Balance Sheet Date",a Contingent

question 19

True/False

In AASB 110 "Events after the Balance Sheet Date",a contingent liability is an example of an adjusting event:

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Definitions:

Express Trusts

Express Trusts are trusts created intentionally by the settlor, typically through a written document, specifying how assets placed into the trust should be managed and distributed.

Inter Vivos Trust

A trust created during the lifetime of the grantor, allowing the grantor to transfer assets before death for the benefit of future beneficiaries.

Duress

Coercing someone into acting against their will by using force, threats, or pressure.

Undue Influence

The abuse of a power position or influence to manipulate someone into making a decision that is not in their best interest.