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In class,you relate the new information you learn regarding the cognitive development of young children to experiences that you had while babysitting.You are exhibiting
AASB 137
The Australian Accounting Standards Board standard that deals with the treatment of provisions, contingent liabilities, and contingent assets.
Future Operating Loss
A projected loss from future operations, not yet incurred or realized, often considered in impairment assessments and going concern evaluations.
Deferred Liability
A liability that is recorded on the balance sheet and represents a future obligation to pay, such as taxes payable in the future.
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 company's control.
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