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THE CONCEPTUAL FRAMEWORK



            Elements Of The Financial Statements




            Liabilities





            • Definition:



                    • A present obligation arising from past events,


                    • the settlement of which is expected to result in the outflow

                       of economic benefits



            • Recognition:



                    • When it is probable that an outflow of resources embodying

                       economic benefits will result from the settlement of a

                       present obligation and


                    • the amount can be measured reliably




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