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:

Posthumanism

A philosophical perspective that explores the boundaries of what it means to be human, often considering the impact of technology and critically reassessing the humanist tradition.

Presumption Theory

A legal or cognitive framework that operates on the principle of assuming a fact is true until it is disproven or countered by evidence.

Consumption

The process by which goods and services are used up by individuals or groups, often analyzed within economic and sociological contexts.

Reduction

The process of simplifying a complex issue or substance into its component parts or a more basic form.