The recognition criteria for liabilities included in the New Zealand Framework is/are:
A) present obligation.
B) probability of occurrence.
C) reliability of measurement.
D) B and C

Question

Quizplus · Accepted Answer

The recognition criteria for liabilities in the New Zealand Framework includes both present obligation (A) and probability of occurrence (B). Additionally, the measurement of the liability must be reliable (C). Therefore, choice D (B and C) is the best answer as it includes both criteria required for recognition of liabilities under the New Zealand Framework.

The Recognition Criteria for Liabilities Included in the New Zealand