financial accounting standards statement sets up the foundation for reporting and accounting for loss contingencies. A contingent liability is a potential liability that might‚ or might not happen in the future. For example this could be a lawsuit‚ a product warranty‚ a possible tax assessment‚ a government investigation‚ or even an environmental contamination. A contingent liability and the associated loss are recorded as a journal entry only if the contingency meets these two criteria; A.) the contingency
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The European Accounting Review 2000‚ 9:3‚ 371 385 Auditor liability rules under imperfect information and costly litigation: the welfare-increasing eŒ of liability ect insurance Ralf Ewert‚ Eberhard Feess and Martin Nell University of Frankfurt‚ Frankfurt am Main ABSTRACT This paper examines auditor liability rules under imperfect information‚ costly litigation and risk-averse auditors. A negligence rule fails in such a setting‚ because in equilibrium auditors will deviate with positive probability
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Describe the different types of hybrid cars and how they are improving fuel efficiency. What are other pros and cons of driving a hybrid? ---------------------------------------------------------------------------------------------------- High Remarks for Hybrid Cars It is no secret that one of the most popular trends in today’s society is "going green" to help the economy‚ save the world‚ and so on. It is also no secret that gasoline prices have steadily increased over the years‚ and four dollars
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Office of the Ombudsman v. Uldarico P. Andutan (G.R. No. 164679‚ 27 July 2011) The Ombudsman argued – in both the present petition and in the petition it filed with the CA – that Andutan’s retirement from office does not render moot any administrative case‚ as long as he is charged with an offense he committed while in office. It is irrelevant‚ according to the Ombudsman‚ that Andutan had already resigned prior to the filing of the administrative case since the operative fact that determines its
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Psychological Theories of Delinquent Causation Psychological Theories of Delinquent Causation Juvenile Justice Melissa Skinner Carl Sandburg College February 18‚ 2013 Psychological Theories of Delinquent Causation In choosing theories of causation to get a better understanding of why delinquent behavior occurs‚ one should approach the psychological theories. Within the psychological theories‚ are two theories we will to further explore. The first is the psychoanalytic theory
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former to incur the liabilty. The object of this assignment is to explain the principle of vicarious liability and show which instances it applies to. Reference will be made to decided cases and statutes. 2. Employer- Employee Relationship The employer- employee relationship is one of the most common occurrences of cases of vicarious liability. The most accepted reason for conferring liability to the employer is that by assigning a task to the employee‚ the employer creates a risk of harm and
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Principles of Liability – Coursework Assessment Two For a contractual agreement to withstand‚ it is crucial that the contract contains the four main components‚ which are; offer‚ acceptance‚ consideration and the intention to create legal relations. A contract is seen as a legally binding agreement between two parties‚ so It is very important for the court to establish a ‘consensus ad idem’; the meeting of minds in order to judge whether a contract exists. Britney’s first meeting with
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The Georgetown Parliamentary Debate Team is an association of people with a common interest in competitive debate with other universities. The purpose of the Team is to provide an opportunity for its members to learn debating styles and rules‚ to develop and to practice their skills and techniques with other members of the Team‚ and compete within the debate league(s) it chooses to participate in. Currently‚ the Society is a member of‚ but will not be limited to‚ the American Parliamentary Debate
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In regard to criminal liability‚ certain elements must be satisfied for an individual to be found guilty of an offence. The accused must have been responsible for conduct which is otherwise prohibited by the law; this is referred to as the ‘actus reus’ of a crime. However this alone is insufficient for conviction‚ unless it concerns a crime which is of strict liability‚ like Harrow London BC v. Shah . Alongside the ‘actus reus’ element of a crime there is also a requirement for the accused to
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kills and innocent person and denies the fetus of a future of value. Other philosophers‚ like Judith Thomson‚ view that abortions are more permissible. They believe that mothers’ rights out-weigh the fetus’s right to life. I will present both sides of the abortion
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