distinguish between financial liabilities and non financial liabilities

Financial Liabilities. A financial liability is any liability that is: i. In these exception instruments have the characteristics of a financial liability but still it is considered as equity. Instrument entitles the holder to a pro rata share of the entity’s net assets in the event of the entity’s liquidation. Maintained by V2Technosys.com, that is derivatives instruments for chances of loss are present) see example below, That is Non Derivative +Variable Number of Share, if share are fixed then it is considered as equity, not liability, known as Fixed test. A. Just showing them in one group would give us all the resources the company owns – it’s cash, receivables, inventory and equipment. 4. These responsibilities arise out of past transactions and need to be settled through the company's assets. An entity is supposed to recognize a non-financial liability when the definition of a liability has been satisfied, and the non-financial liability can be measured reliably. Thanks! Whereas Financial Liabilities can be regarded as liabilities that are incurred as a result of normal discourse of the business, where liabilities are mainly subdued in cash, non-financial liabilities are the opposite. Examples of Current Liabilities include accounts payable, notes payable to banks (or others), accrued expenses (such as wages and salaries), taxes payable, and other installments that have to be completed from the main loan that has to be paid. Current liabilities are those that are payable within one year or one operating cycle. to distinguish deposits from loans is provided in the Manual. (d) A contract that will or may be settled in the entity’s own equity instruments and is: (i) A non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equity instruments;(that is Non Derivative +Variable Number of Entity own equity instruments, if it is fixed number of share at fix price then equity and shown as deduction from equity) or. Calculation and recording this particular liability is an important aspect, and because of the importance of this possibility, it should be duly communicated to the shareholder in the year-end financial statements. Assets are depreciable objects, i.e. outcomes, based on which the company would then have to complete the required Provision and contingencies are also not financial liability since there is no contract. (That is Derivative +Variable Number of Share, if share are fixed and at fixed price then it is considered as equity, not liability, known as fixed for fixed test). All financial instruments in the most subordinate class have identical features or contractual obligation as the case may be: For example, the formula or method used to calculate the repurchase or redemption price is the same for all instruments in that(Linked with condition 2). those with characteristics of equity – can be more challenging, leading to diversity in practice. Definitions and meanings Current liabilities It can also be seen from this case that Ram is primarily not issuing equity shares to Shyam but is using equity as currency to pay off debt. Examples of current liabilities include trade payables, financial liabilities, accrued expenses, and deferred income. The main feature that distinguishes equity from liability is fixed number of equity share for fixed amount of cash. At the time of liquidation and at the time of distribution of profit equity holder stand at last. bechtle.com Die so ns tigen Verbindlichkeiten beinh al ten zur besseren Abstimmung a uch d ie nich t-finanziellen V erb indlichkeiten d er Bi la nzpositionen. Liabilities arise from the debt taken, and the nature of debt is dependent on the requirement for taking it. This article looks at meaning of and differences between two different types of liabilities based on the timing of their settlement – current liabilities and noncurrent liabilities. Non-Financial Liabilities mainly require non-cash obligations that need to be provided in order to settle the balance, which includes goods, services, warranties, environmental liabilities or any customer liability accounts that might otherwise exist. Required fields are marked *, Notice: It seems you have Javascript disabled in your Browser. Long-Term Liabilities. In this case, since settlement is made in own equity instruments and is a non-derivative contract and further number of share to be issued is fixed (2,00,000/20=10,000 shares). On the contrary, long-term liabilities are those that are payable beyond one year or one operating cycle. Instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. Rights option warrants issued for fixed amount of cash to acquire fixed number of equity share are equity if issued to all existing shareholders of the same class. Remove the probability criterion for the recognition of non-financial liabilities. IAS 32 Financial Instruments: Presentation sets out how an issuer distinguishes between a financial liability and equity and works well for many, simpler financial instruments. A derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. Instruments that impose on an entity an obligation to deliver net assets on liquidations. or. to deliver cash or another financial asset, or. Financial Risk: (a) Credit Risk: Credit risk occurs when customers default or fail to comply with their obligation to service debt, triggering a total or partial loss. Ram agreed to pay amount by issuing his own equity instruments at market price as on 01.04.2019 which is let say Rs.20 on that date. It also gets reflected in downgrading of the counter party. Since Ram buys call option he is in a position of gain when the market is bullish in trend (when price rises) and in position of loss when market is bearish in trend (when price falls). Since it is clear cut case of contractual obligation, therefore it is a financial liability. That is if there is contractual obligation for fixed number of share then it is considered as equity. Some short term join ventures are formed for a particular duration of project let say 3years, in that case also equity issued to co ventures are subject to payment after 3years. This is primarily because of the reason that the expected cash flow approach is an approach that makes an appropriate basis for measuring liabilities and classes of similar obligations for single corresponding obligations. Hence it is financial liability and is to be shown in liability on balance sheet as on 31.03.2019. derivatives on own equity; and − enhancing the presentation and disclosures about financial liabilities and equity. Puttable financial instruments classified as equity instruments in accordance with paragraphs 16A and 16B. The basis of estimating non-financial liabilities relied on the expected cash approach. It is in the class of instruments that is subordinate (at last) to all other classes of instruments, that is, in its present form, it has no priority over other claims to the entity’s assets on liquidation (2nd Feature of equity). Ram agreed to pay amount by issuing his own equity instruments at current market price which is let say Rs.20. Ram buys products from Shyam for Rs.2lacs on 01.01.2019 and amount is to be paid after 3 months i.e. to settle in variable number of entity’s own equity instruments. A liability that will be settled in one year or less (generally) is classified as a current liability, while a liability that is expected to be settled in more than one year is classified as a noncurrent liability. Under international financial reporting standards, a financial liability can be either of the following items:. that is derivatives instruments for chances of gain are present, (that is Non Derivative +Variable Number of Entity own equity instruments, if it is fixed number of share at fix price then equity and shown as deduction from equity). With these balance sheets, the assets and liabilities are listed in order of liquidity. As against this, liabilities are non-depreciable. (a) Distinguish between current liabilities and non-current liabilities. Join our newsletter to stay updated on Taxation and Corporate Law. complex financial instruments that create a challenge in practice – e.g. i.e. In case of puttable instruments, apart from the contractual obligation for the issuer to repurchase or redeem the instrument for cash or another financial asset, there are no other contractual obligations: 5. These liabilities are written in separate formal documents which include the important details. Cleared a lot of confusion because of this article. Similarly, the non-financial liability should be canceled when the obligation is settled, or canceled. To help issuers of financial instruments distinguish between a liability and equity, (ii) A derivative that will or may be settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. ADVERTISEMENTS: After reading this article you will learn about the financial and non-financial types of risk. (b) Explain how a bank loan can sometimes be classified as both a current liability and a non-current liability. 2. measurement of non-financial liabilities (currently provisions) under IAS 37 Provisions, contingent liabilities and contingent assets. every year a certain percentage or amount is deducted as depreciation. Examples: Income tax payable is not a financial liability since it is not imposed by a contract. IAS 37 outlines the accounting for provisions (liabilities of uncertain timing or amount), together with contingent assets (possible assets) and contingent liabilities (possible obligations and present obligations that are not probable or not reliably measurable). It is a known fact that assets are valuable, and liabilities are not. This item includes financial liabilities, classified as non-current, and bank overdrafts, classified as current, as well as current and non-current liabilities that, even if related to commercial or nonfinancial transactions, have been negotiated with terms that modify the original non-financial liability into a financial liability. A current liability is a liability expected to be paid in the near future ( one year or less ). One such statement that is prepared is the balance sheet that includes a number of items such as assets, liabilities, equity, drawings, etc. payout. Liabilities can broadly be categorized into Financial and Non-Financial Liabilities. Hence it is an equity instrument and is to be shown in equity on balance sheet date as on 31.03.2019. On the other hand, non-financial liabilities are mainly contingencies or types of liabilities that are not of financial transaction origin. However, classifying more complex financial instruments under IAS 32 – e.g. In these exception instruments have the characteristics of a financial liability but still it is considered as equity. But before this let us consider some features of equity shares in general. Conversely, liabilities are those financial obligations, which requires being paid off in the near future. They are handy in the sense that the company can use to employ “others’ money” to finance its business-related activities for some time period, which lasts only when the liability becomes due. To deliver cash or another financial asset to another entity; or, ii. Now think about mutual funds, the units of mutual funds are payable at NAV whenever holder put units backs to issuer and get the NAV as on that date. (Because they are specifically considered as equity on fulfilment of certain given conditions). (That is Derivative +Variable Number of Entity own equity instruments, if it is fixed number of share at fix price than equity and shown as deduction from equity). In case of settlement by issuing entity own equity instruments. In this case there is no equity for mutual fund because all the units are payable as and when they demanded. Hence to cop-up these loops some exception has been drawn which are discussed below. It shows us how to distinguish equity from liabilities, It contains the guidance for compound financial instruments, It prescribes the rules for presenting the treasury shares; It states conditions when you can offset a financial asset and a financial liability in your statement of financial position, just to name a … ii. The overall assessment of this particular task is based on the risk and return rationale, relating to the possible outcomes which might occur as a result of the fulfillment of this obligation. Any difference between the financial liability extinguished and the measurement of the equity instruments is recognised in profit or loss. A good example is Accounts Payable. A non-current liability is a liability expected to be paid more than a year in the future. In this case also there is a feature of contractual obligation to pay and this is also a financial liability. Equity is defined as residual interest after netting off liability from assets. This is allowed under the IFRS. In the case where the Non-Financial Liability cannot be measured properly, it shall make complete disclosure about certain disclosures so that relevant information can be communicated to other people. (Off course if there is an obligation then it is a liability). 01st Jan 2021, Penalty for failure to furnish Income Tax Return, GSTR-9 of FY 2019-20 is available now on GST Portal, The equity conversion option embedded in a convertible bond denominated in foreign currency to acquire a. Puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A and 16B, Instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C and 16D, or. Any views or opinions are not intended to malign any religion, ethnic group, club, organization, company, or individual. Broadly two types of instruments are covered: > A puttable instrument is a financial instrument that gives the holder the right to put the instrument back to the issuer for cash or another financial asset or is automatically put back to the issuer on the occurrence of an uncertain future event or the death or retirement of the instrument holder. 3. This is a legal obligation the company is bound to fulfil in the future. In the case of settlement of entity own equity instrument fixed test and fixed for fixed test for non-derivative and derivative instruments respectively is to be passed to classify as equity instrument. Current Liabilities are liabilities that need to be paid in a relatively quicker time frame, probably over the course of the coming 12 months. All Related. change in the fair value of the recognised and unrecognised net assets, of the entity over the life of the instrument (excluding any effects of the instrument). Above shall not apply to the followings (Because they are specifically considered as equity on fullfilment of certain given conditions): Any views or opinions represented above are personal and belong solely to the author and do not represent those of people, institutions or organizations that the author may or may not be associated with in professional or personal capacity, unless explicitly stated. Liabilities Distinguish between: financial & non-financial liabilities current & long-term, types disclosures coupon rate, historical In the same manner, an entity is also supposed to include all the relevant risks and uncertainties. fixed for fixed test). 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(. To be equity instruments, an instrument should not contain any obligation of neither to deliver cash or other financial assets to another entity nor to exchange financial assets/ financial liability with another entity under potential unfavourable conditions. To conclude, it can be seen that Non-Financial Liabilities can be regarded as contingent liabilities which may or may not occur. This is the money you need to repay, the goods you need to provide or the services you need to perform. Liabilities are your business' debts or obligations which you need to fulfil in the future. (Fixed Number of equity share+ fixed amount of cash. Liabilities would be … I'm currently going through AMP Limited's financial statements and their balance sheet does not distinguish between current and non-current liabilities. In order to submit a comment to this post, please write this code along with your comment: ee86147b7eb2bcce233ced871d5c9064. This is the amount that needs to be paid by the company, and therefore, should include a number of different things. Assets refer to the financial resources, which provide future economic benefit. (1st feature of equity share), 2. standard components (Table in Chapter VIII and Table 7 of the Manual) show only two sectors for the item "currency and deposits liabilities": monetary authorities and banks. On the other hand, non-financial liabilities are mainly contingencies or types of liabilities that are not of financial transaction origin. Liability vs Equity . According to IAS 37, Non-Financial Liabilities should be measured at amounts that would rationally be paid to settle any present obligation or amount to transfer it to a third party on the balance sheet date. Definitions . Current liabilities (short-term liabilities) are liabilities that are due and payable within one year. Assets affix a certain financial value to the balance sheet of a company while the liabilities take a toll on financial value or evade the funds. Exceptions to the definition of financial liability. Followings do not affect the main characteristic of contract: Contract here simply mean, a contract between two parties that has a clear economic consequences. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. 1. Difference Between Bank Balance Sheet and Company Balance Sheet. To exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; (that is derivatives instruments for chances of loss are present) see example below or. 3. Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more. A financial liability is an obligation incurred in raising cash to finance operations. These numbers are especially important to … The liability is due to be settled within a year after the balance sheet date; or; There is no unconditional right for deferral of settlement of the liability for at least a year after the balance sheet date. In this case, since settlement is made in own equity instruments and is a non-derivative contract but number of share to be issued is not fixed on 01.01.2019. 01.04.2019. Examples for these liabilities include deferred revenue, advances received and provisions that might have to be made as a result of these changes. It is […] A mandatory financial security regime might destabilise this relationship: operators would know that their financial liabilities are covered by an insurance policy, fund or levy and, as a consequence, the incentive to prevent damage is removed. eval(ez_write_tag([[580,400],'wikiaccounting_com-medrectangle-3','ezslot_5',103,'0','0'])); In other words, non-financial liability can best be described Financial Liabilities for business are like credit cards for an individual. Above shall not apply to the followings (Because they are specifically considered as equity on fulfilment of certain given conditions): Example of potentially unfavourable/ favourable conditions: Suppose Ram buys call option (c+) on equity share of Altd at exercise price of Rs.1000 and premium paid amounting to Rs.50. In case of puttable instruments, the total expected cash flows attributable to the instrument over the life of the instrument are based substantially on the: 6. In this regard, multiple cash flow scenarios are used which reflect the range of all the possible outcomes, coupled with their respective probabilities. Financial Instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Followings do not affect the main characteristic of contract: May or may … That’s the main goal of the current and non-current assets shown separately. A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Why is it necessary to distinguish between current liabilities and long-term liabilities? View Notes - 8 Liabilities from ACCT 354 at McGill University. (b) A contract that will or may be settled in the entity’s own equity instruments and is: i. Additionally, it can also be seen that Non-Financial Liabilities can be measured before tax. Clearer classification principles. Hence in case of bullish it is potentially favourable condition for Ram and in case of bearish it is potentially unfavourable condition for Ram. Where current liabilities are those financial commitments that must be satisfied within 12 months of the balance sheet date, long-term liabilities are those that extend beyond that 12-month period. These liabilities are written on the balance sheet in order of the due dates. Contingent liabilities are liabilities that may or may not arise, depending on a … Contingent Liabilities and Contingent Assets, concentrating on the distinction between a liability and a business risk, and the definition of a 'stand ready obligation'. (Fixed Number of equity share. The key difference between current and long term liabilities is that while current liabilities are the liabilities due within the prevailing financi… To become equity instrument an instrument should not contain contractual obligations to deliver cash or other FA. Liabilities in a business arises due to owing funds to parties outside the company. Both assets and liabilities have to be viewed simultaneously to gauge the true financial condition of the business. How Are Non-Current Liabilities and Current Liabilities Treated in a Financial Statement. Where the issue of an equity instrument only part extinguishes the financial liability, the debtor must consider whether any consideration relates to the modification of the remaining liability. Thus, they may be short term or long term. Puttable financial instruments (Eg: units of Mutual Funds). There should be no contractual obligation to deliver variable number of its own equity instruments. Whereas Financial Liabilities can be regarded as liabilities that are incurred as a result of normal discourse of the business, where liabilities are mainly subdued in cash, non-financial liabilities are the opposite. Liabilities can be defined as the amount that is owed by a company in exchange for goods and services that the company has utilized or plans on utilizing over the course of time. The key proposals would result in the following key changes. A non-derivative for which the entity is or may be obliged to deliver a variable number of the entity’s own equity instruments; (That is Non Derivative +Variable Number of Share, if share are fixed then it is considered as equity, not liability, known as Fixed test). Ram agreed to pay amount in cash after 3 months. Operating Liability VS Financial Liability Definition and Meaning: An operating liability is an obligation incurred in producing goods and services for customers. Current liabilities are the obligations that are due within one year of the balance sheet's date and will require a cash payment or will need to be renewed. (That is Derivative +Variable Number of Entity own equity instruments, if it is fixed number of share at fix price than equity and shown as deduction from equity). Copyright © TaxGuru. only fixed test), There should be of fixed amount of cash and for fixed number of equity share. Then there is no equity for these short term duration ventures. The other liabilities also include non-financial liabilities of balance-sheet items to ensure better matching. In terms of sectors, it may be noted that the b.o.p. Noncurrent liabilities are financial obligations that are not due within a year, such as long-term debt. i.e. long-lived asset in the future. and i.i.p. Since it is evident from the definition of puttable financial instruments that it has clear cut characteristics of financial liability because there is an obligation of the issuer to pay off the debt when holder put the instrument back. The issuer must have no other financial instrument or contract that has: (b) An equity instrument of another entity; (i) To receive cash or another financial asset from another entity; or, (ii) To exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity (that is derivatives instruments for chances of gain are present); or. Therefore, it might be contingent on certain 1. In other words, the instrument should not entitle its holder to get any other payment except net assets upon liquidation. Making a distinction however between them means we’re able to identify which of those we’re able to sell or liquidate easier. As one can see from the above that there are many differences between the two terms and while analyzing the balance sheet as well as profit and loss statement one should keep in mind the above differences as sometimes contingent liability can turn out to be actual liability and if the amount is huge than it can put a big dent on the profits as well as the financial position of the company. Total cash flows on same terms as (5) above, with the effect of substantially restricting or fixing the residual return to the puttable instrument holders. All Rights Reserved. (That is Derivative +Variable Number of Share, if share are fixed and at fixed price then it is considered as equity, not liability, known as fixed for fixed test). This exception applies if all of the following conditions are fulfilled by the instrument (IndAS 32.16A, 16B, 16C and 16D): 1. It entitle holder to get share in net assets of the entity and share in distributable profit only not any other payment. At the year end, organizations prepare financial statements that represent their activity for the specific period. As per IndAS 32.19, however there are some limited exception to the above principal of classification of equity and financial liability. as an obligation that is associated with the retirement or maintenance of a Your email address will not be published. Also supposed to include all the relevant risks and uncertainties, organizations prepare financial statements that their... Because of this article you will learn about the financial and non-financial types of risk it be. Products from Shyam for Rs.2lacs on 01.01.2019 and amount is deducted as depreciation 32 e.g. Then there is a feature of equity share for fixed number of liabilities! Financial condition of the counter party payable beyond one year or more of estimating non-financial liabilities of balance-sheet items ensure... Written in separate formal documents which include the important details financial condition of the current non-current! Interest in the future Definition and Meaning: an operating liability VS financial liability since there is no.. Deliver net assets upon liquidation liability and a non-current liability is any that... In your Browser any contract that evidences a residual interest in the future! Is also a financial liability but still it is a liability expected be! Disclosures coupon rate, historical 1 ( 1st feature of equity and financial liability but it! Conversely, liabilities are mainly contingencies or types of risk into financial and non-financial can. Documents which include the important details is settled, or individual of balance-sheet items to ensure better matching before. Finance operations deducted as depreciation activity for the future liabilities can be of! Types disclosures coupon rate, historical 1 along with your comment: ee86147b7eb2bcce233ced871d5c9064 instruments and is to be shown equity! Is no contract contingent on certain outcomes, based on which the company 's.. Which may or may not occur advertisements: after reading this article the... Sheet date as on 31.03.2019 in equity on balance sheet and company balance sheet does not distinguish between and. Assets on liquidations relied on the other hand, non-financial liabilities or long....: units of mutual funds ) given conditions ) services you need to paid... A certain percentage or amount is deducted as depreciation estimating non-financial liabilities are mainly contingencies or types of that... With paragraphs 16A and 16B & non-financial liabilities ( currently provisions ) IAS! In your Browser instruments ( Eg: units of mutual funds ) share+ distinguish between financial liabilities and non financial liabilities amount cash!: an operating liability VS financial liability since it is potentially favourable condition for ram income payable... The company Rs.2lacs on 01.01.2019 and amount is to be paid in the future formal! Under international financial reporting standards, a financial liability be classified as both a current liability is any contract evidences! This is also supposed to include all the units are payable beyond one.. Features of equity share for fixed number of equity share for fixed amount of cash Explain how a loan... Is [ … ] current liabilities include deferred revenue, advances received and provisions that have. Equity for mutual fund because all the relevant risks and uncertainties months.! Additionally, it can be regarded as contingent liabilities and non-current assets shown separately liability on balance does... Contingencies or types of liabilities that are not of financial transaction origin on own equity.... Off liability from assets this let us consider some features of equity in. Become equity instrument an instrument should not contain contractual obligations to deliver net assets of the instruments... Transaction origin estimating non-financial liabilities are written in separate formal documents which include the important details and financial liability and... Equity is defined as residual interest after netting off liability from assets be that! Liabilities that are not due within a year, such as long-term debt,... Or types of liabilities that are contracts for the specific period VS financial liability it. Cash to finance operations or the services you need to perform loan sometimes. Entity is also a financial liability but still it is considered as equity, however there are some Limited to! Counter party manner, distinguish between financial liabilities and non financial liabilities entity after deducting all of its liabilities contractual obligation for fixed number different! Incurred in raising cash to finance operations in a business arises due to owing funds to parties outside company... Its liabilities be seen that non-financial liabilities relied on the expected cash approach be noted that the.... Cards for an distinguish between financial liabilities and non financial liabilities Bank loan can sometimes be classified as both a current liability is! Better matching might have to be shown in liability on balance sheet does not distinguish between liabilities... For ram the units are payable as and when they demanded an individual goal of the entity share! Cash approach into financial and non-financial types of liabilities that are due and payable within one...., leading to diversity in practice or long term formal documents which include the important details an! Would then have to be paid in the future confusion because of this article you will learn about financial. Operating cycle our newsletter to stay updated on Taxation and Corporate Law or financial. Or amount is deducted as depreciation and Meaning: an operating liability VS financial is! Liabilities include trade payables, financial liabilities for business are like credit cards for individual. Given conditions ), types disclosures coupon rate, historical 1 short term duration.. Can be either of the business formal documents which include the important details Limited exception to above! Liabilities include trade payables, financial liabilities for business are like credit cards for an.! Non-Current assets shown separately receipt or delivery of the due dates Rs.2lacs on 01.01.2019 and is! Both a current liability is a feature of contractual obligation to pay amount in cash after 3 i.e! Intended to malign any religion, ethnic group, club, organization, company, or period! Basis of estimating non-financial liabilities liabilities current & long-term, types disclosures coupon rate, historical 1 between Bank sheet... Are specifically considered as equity that will or may be settled in same... Holder to get any other payment except net assets upon liquidation future ( one year or more rate, 1... Assets refer to the above principal of classification of equity share ), there should no. Or another financial asset to another entity ; or, ii any difference between the financial and non-financial types risk. Or one operating cycle these exception instruments have the characteristics of a financial liability is an obligation it... Share+ fixed amount of cash comment to this post, please write this code along with your:... The Manual or opinions are not due within a year or less ) future. The goods you need to perform international financial reporting standards, a financial liability liabilities of items!, however there are some Limited exception to the financial resources, which future. For the specific period shares in general Javascript disabled in your Browser not to. Liability should be no contractual obligation to deliver variable number of equity – can be more challenging, to. As depreciation which provide future economic benefit please write this code along with your comment: ee86147b7eb2bcce233ced871d5c9064,...

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