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Franc Poincaré
The Franc Poincaré is a unit of account that was used in the international regulation of liability. It is defined as 65.5 milligrams of gold of millesimal fineness .900. Formerly it was identical to the French franc, although it has not been so since the 1920s. Practice on its conversion to national currencies varies from state to state; in most states the conversion factor is based not on the market price of gold, but on an official price (a remnant of the gold standard, frequently far below its market price today). The Franc Poincaré has been replaced for most purposes by special drawing rights. Conventions which used the Franc Poincaré included the Convention for the Unification of Certain Rules Relating to International Carriage by Air, the International Convention on Civil Liability for Oil Pollution Damage The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international mar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unit Of Account
In economics, unit of account is one of the money functions. A unit of account is a standard numerical monetary unit of measurement of the market value of goods, services, and other transactions. Also known as a "measure" or "standard" of relative worth and deferred payment, a unit of account is a necessary prerequisite for the formulation of commercial agreements that involve debt. Money acts as a standard measure and a common denomination of trade. It is thus a basis for quoting and bargaining of prices. It is necessary for developing efficient accounting systems. Economics Unit of account in economics allows a somewhat meaningful interpretation of prices, costs, and profits, so that an entity can monitor its own performance. It allows shareholders to make sense of its past performance and have an idea of its future profitability. The use of money, as a relatively stable unit of measure, can tend to drive market economies toward efficiency. Historically, prices were often ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Liability (financial Accounting)
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is ''obliged'' to make to other entities as a result of past transactions or other ''past'' events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Characteristics A liability is defined by the following characteristics: * Any type of borrowing from persons or banks for improving a business or personal income that is payable during short or long time; * A duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services, or other transaction yielding an economic benefit, at a specified or determinable date, on occurrence of a specified event, or on demand; * A duty or responsibility that obligates the entity to another, leaving it little or no discretion to avoid settlement; and, * A transaction or event obligating the entity t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Special Drawing Rights
Special drawing rights (SDRs, code ) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency ''per se''. They represent a claim to currency held by IMF member countries for which they may be exchanged. SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars. The ISO 4217 currency code for special drawing rights is and the numeric code is ''960''. SDRs are allocated by the IMF to countries, and cannot be held or used by private parties. The number of SDRs in existence was around XDR 21.4 billion in August 2009. During the global financial crisis of 2009, an additional XDR 182.6 billion was allocated to "provide liquidity to the global economic system and supplement member countries' official reserves". By October 2014, the number of SDRs in existence was XDR 204 bil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Warsaw Convention
The Convention for the Unification of certain rules relating to international carriage by air, commonly known as the Warsaw Convention, is an international convention which regulates liability for international carriage of persons, luggage, or goods performed by aircraft for reward. Originally signed in 1929 in Warsaw (hence the name), it was amended in 1955 at The Hague, Netherlands, and in 1971 in Guatemala City, Guatemala. United States courts have held that, at least for some purposes, the Warsaw Convention is a different instrument from the Warsaw Convention as amended by the Hague Protocol. The Montreal Convention, signed in 1999, replaced the Warsaw Convention system in countries ratifying it. History On 17 August 1923, the French government proposed the convening of a diplomatic conference In November 1923 for the purpose of concluding a convention relating to liability in international carriage by air. The conference was formally deferred on two occasions due to relu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Convention On Civil Liability For Oil Pollution Damage
The International Convention on Civil Liability for Oil Pollution Damage, 1969, renewed in 1992 and often referred to as the CLC Convention, is an international maritime treaty admistered by the International Maritime Organization that was adopted to ensure that adequate compensation would be available where oil pollution damage was caused by maritime casualties involving oil tankers (i.e. ships that carry oil as cargo).International Maritime Organization on the International Convention on Civil Liability for Oil Pollution Damage (CLC), 196/ref> Liability The convention introduces strict liability for shipowners. In cases when the shipowner is deemed guilty of fault for an instance of oil pollution, the convention does not cap liability. When the shipowner is not at fault, the convention caps liability at between 3 million special drawing rights (SDR) for a ship of to 59.7 million SDR for ships over . The 2000 Amendments Adoption: 18 October 2000 Entry into force: 1 Novemb ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
International Convention On The Establishment Of An International Fund For Compensation For Oil Pollution Damage
The International Convention on the Establishment of an International Fund for Compensation for Oil Pollution Damage, 1992, often referred to as FUND92 or FUND, is an international maritime treaty, administered by the International Maritime Organization. The original FUND convention in 1969 was drawn up as an enhancement to CLC meant on one hand to relieve shipowners from unfair liabilities due to unforeseeable circumstances and on the other hand remove liability caps that some member states thought were too low. The fund is obliged to pay victims of pollution when damages exceed the shipowner's liability, when there is no liable shipowner, or when the shipowner is unable to pay its liability. The fund is also required to "indemnify the shipowner or his insurer" in spills where a ship is in full compliance with international conventions, and no wilful misconduct caused the spill. The 1992 convention came into force on 30 May 2006. As of November 2018, the convention had been rati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
