Explain the Meaning of the Terms Contingent Liabilities and Provisions

question 7

Essay

Explain the meaning of the terms contingent liabilities and provisions as they relate to U.S.GAAP and IFRS?

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Definitions:

Social System

An organized and interdependent set of roles, norms, and processes that people use to interact and cooperate within a society or a specific group.

Technical System

Integrated collection of technological tools, processes, and procedures used within an organization to achieve business objectives.

Virtual Teams

Groups of people who work together from different geographical locations and rely on communication technology to collaborate.

Videoconferencing

A technology that allows people in different locations to hold face-to-face meetings without having to move to a single location physically.