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"Genuine under the IFRS guidelines regarding genuine means that the terms have "real economic purpose or consequence" and are not inserted into financial instruments solely for some legal or tax reason without a real economic purpose. They would not be "genuine" if the terms are only applicable in the event that is extremely rare, highly abnormal, and/or very unlikely to occur. It's not a black and white situation; rather it's facts and circumstances based. It's very much like the famous Supreme Court justice's definition of "pornography"...I may not be able define it, but I know it when I see it."
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