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Distinguish contingent liability and provision (eg. provision of long service leave) and refer to the relevant AASB for guidance. How do these reporting affect the

Distinguish "contingent liability" and "provision" (eg. provision of long service leave) and refer to the relevant AASB for guidance. How do these reporting affect the financial position of a business overall. Provide relevant examples. Locate and take a screenshot of the Balance Sheet of your company (that were allocated to you for the assignment). Is there any "contingent liabilities" reported on your Company's Balance Sheet? Discuss

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