This post is basically an introduction to indebtedness. A liability is defined by it and distinguishes it from contingent liabilities and obligations. It clarifies how to recognize and quantify liabilities in general.
Finally, the notes concentrates its attention on provisions (i.e., estimated obligations) and illustrates their bookkeeping with two common examples: guarantee obligations and restructuring indebtedness. The note "Long-Term Debt and Bonds" can be used to complement this note.
PUBLICATION DATE: May 02, 2016 PRODUCT #: IES534-HCB-ENG
This is just an excerpt. This case is about FINANCE & ACCOUNTING
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