Under IFRS, Liabilities

question 10

Multiple Choice

Under IFRS, liabilities

• A)must be legally enforceable by a contract.
• B)must be legally enforceable by law.
• C)may be legally enforceable by a contract or law but need not be.
• D)are defined differently than under GAAP.
• IFRS.

---

Definitions:

Union Contracts

Legal agreements between labor unions and employers that outline wages, working conditions, benefits, and other employment terms for workers.

Just Cause

A legal standard requiring employers to have a fair and factual reason for disciplinary actions or firing employees, typically applied in unionized workplaces.

Private Sector

The part of the economy that is run by individuals and companies for profit and is not under direct governmental control.

Weingarten Rights

The rights of employees to have union representation during investigatory interviews that they believe could result in disciplinary action.