The definition of liabilities is comprehensive in its coverage: indeed, some would argue that it is too

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"The definition of liabilities is comprehensive in its coverage: indeed, some would argue that it is too comprehensive in that it does not attempt to distinguish between liabilities and commitments. It includes obligations arising from firm contracts where neither the entity nor the counterparty has honoured its promises."

What is meant by this statement?

Posted Date: Jun 01, 2024 09:15 PM

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The definition of liabilities is comprehensive in its coverage: indeed, some would argue that it is too

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