According to the IASB Current Proposed Definition, Which of the Following

question 67

Multiple Choice

According to the IASB current proposed definition, which of the following is NOT an essential characteristic of a liability?

• A)It exists in the present time.
• B)There is certainty about the amount of future outflows.
• C)The obligation is enforceable on the obligor entity.
• D)It represents an economic burden or obligation.

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Definitions:

Life Review

Looking back on the events of one’s life in late adulthood, often in an effort to construct a meaningful narrative.

Life Retrospect

Reflecting on the events and experiences of one's life.

Meaningful Narrative

A coherent and meaningful story or account that possesses significant emotional or intellectual value.

Self-Confidence

A sense of trust in one's abilities, qualities, and judgment, fundamental to the development of an individual's personality and mental health.