Which of the following is not a characteristic of a liability,according to the IASB Conceptual Framework?
A) A future deposition or transfer of economic benefits to others will occur.
B) A past transaction or event is to have created the obligation.
C) There must be a legal obligation.
D) None of the given options are correct.

Question

Quizplus · Accepted Answer

According to the IASB Conceptual Framework, a liability does not necessarily require a legal obligation; it can also arise from constructive or equitable obligations.

Which of the Following Is Not a Characteristic of a Liability,according