3.24 The absence of currency laws and regulations that establish Are there any monetary authority whose Act does not regulate its obligations related to the currency in circulation? responsibilities and requirements for monetary authorities Please give examples! indicates that an entity does not have a present legal obligation. We agree with the requirements of non-legally binding The entity therefore considers if a non-legally binding obligation obligation because it complies with the requirements of may be present. In order for a non-legally binding obligation to constructive obligation that resulted in the recognition of give rise to a liability there must be: provisions. However, please give examples of countries An indication to others that the entity will accept certain whose monetary authority face such non-legally binding responsibilities; obligation! The creation of a valid expectation; as well as Little or no realistic alternative to avoid an outflow of resources. 3.25 The three factors should not be considered in isolation. They are No comment. inter-related. An entity must give a sufficiently precise indication to others that the entity will accept the responsibilities in relation to currency. This indication creates a valid expectation that the entity will discharge those responsibilities. The result of creating that valid expectation is that the entity has little or no realistic alternative to avoid an outflow of resources. Indication to others that the entity will accept certain responsibilities
3.24 The absence of currency laws and regulations that establish responsibilities and requirements for monetary authorities indicates that an entity does not have a present legal obligation. The entity therefore considers if a non-legally binding obligation may be present. In order for a non-legally binding obligation to give rise to a liability there must be: An indication to others that the entity will accept certain responsibilities; The creation of a valid expectation; as well as Little or no realistic alternative to avoid an outflow of resources. Are there any monetary authority whose Act does not regulate its obligations related to the currency in circulation? Please give examples! We agree with the requirements of non-legally binding obligation because it complies with the requirements of constructive obligation that resulted in the recognition of provisions. However, please give examples of countries whose monetary authority face such non-legally binding obligation! 3.25 The three factors should not be considered in isolation. They are inter-related. An entity must give a sufficiently precise indication to others that the entity will accept the responsibilities in relation to currency. This indication creates a valid expectation that the entity will discharge those responsibilities. The result of creating that valid expectation is that the entity has little or no realistic alternative to avoid an outflow of resources. No comment. Indication to others that the entity will accept certain responsibilities