Which of the following characteristic is required for a liability under IFRS Framework?
A)Arises from a past event.
B)Arises from a non-financial transaction.
C)Arises from a future transaction.
D)Arises from a forecasted transaction.

Question

Quizplus · Accepted Answer

A liability under IFRS Framework requires a present obligation that arises from past events, leading to an outflow of resources.

Which of the Following Characteristic Is Required for a Liability