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.

Question

Quizplus · Accepted Answer

Under IFRS, liabilities may be legally enforceable by a contract or law, but they do not have to be. They can also arise from constructive or equitable obligations.

Under IFRS, Liabilities