COMMON LAW Definition

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COMMON LAW is an unwritten body of law based on general custom in England; it is used to some extent in the United States.

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SPLIT ACCOUNTING, under IAS 39, provides that if certain conditions are met the 'embedded derivative' in a 'hybrid (combined) financial instrument' (i.e, a financial instrument which includes a non-derivative 'host contract' as well as an embedded derivative) must be accounted for separately from the 'host contract'.

DOUBLE DIPPING is two incomes received from the same source (as by holding a government job and receiving a government pension.

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