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The doctrine of privity of contract is a common law principle which provides that a contract cannot confer rights or impose obligations upon anyone who is not a party to that contract. [1]
Several features of IFRS 17 have been criticized by preparers. One example is the volatility caused by applying current rates for time value of money. [10] IFRS 17 permits presenting the effects of changes in the discount rate under Other Comprehensive Income to eliminate the volatility from the P&L.
In law, the principle of aut dedere aut judicare (Latin for "either extradite or prosecute") refers to the legal obligation of states under public international law to prosecute persons who commit serious international crimes where no other state has requested extradition.