Which of the following characteristic is required for a "liability" under IFRS Framework?
A)A past obligation.
B)A present obligation.
C)An unknown obligation.
D)A future obligation.

Question

Quizplus · Accepted Answer

According to the IFRS Framework, a liability is defined as a present obligation arising from past events, the settlement of which is expected to result in an outflow of resources. Therefore, a present obligation is required for a liability under the IFRS Framework.

Which of the Following Characteristic Is Required for a "Liability