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Islamic Finance

  Islamic Finance   |   Terms
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  • January 19, 2023
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Liability Recognition

In the context of Islamic financial accounting, a liability is recognized in the balance sheet (statement of financial position) when it becomes probable that an outflow of economic resources (benefits) will occur due to the settlement of a present obligation, and that the amount of settlement can be measured in a reliable manner. A liability is not recognized in the balance sheet when there is no such an outflow. An example is a liability for an item of inventory that was ordered but not yet received.


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