Under IFRS, liabilities
A) must be legally enforceable by a contract.
B) must be legally enforceable by law.
C) may be legally enforceable by a contract or law but need not be.
D) are defined differently than under GAAP.
IFRS.

Question

Quizplus · Accepted Answer

Under IFRS, liabilities do not need to be legally enforceable by a contract or law. They can arise from constructive obligations, which are based on an entity's actions, practices, or statements that create a valid expectation in other parties.

Under IFRS, Liabilities