Which of these is not an essential characteristic of a liability under the Framework?
A) Future sacrifice of economic benefits
B) Control
C) Existence of a present obligation to another entity
D) A past transaction or other past event

Question

Quizplus · Accepted Answer

While control may be a relevant consideration in certain situations, it is not a necessary characteristic of a liability under the Framework. The other three characteristics are essential for an item to be recognized as a liability.

Which of These Is Not an Essential Characteristic of a Liability