Which of the Following Is Correct About a "Liability" Under

question 34

Multiple Choice

Which of the following is correct about a "liability" under IFRS Framework?

• A)A future obligation arising from current events,the settlement of which is expected to result in an outflow of resources.
• B)A present obligation arising from current events,the settlement of which is expected to result in an outflow of resources.
• C)A future obligation arising from past events,the settlement of which is expected to result in an outflow of resources.
• D)A present obligation arising from past events,the settlement of which is expected to result in an outflow of resources.

---

Definitions:

Equestrian Statues

Sculptures representing figures, typically historical or heroic, mounted on horseback, symbolizing power and status.

Marcus Aurelius

Roman Emperor from 161 to 180 AD and a Stoic philosopher, known for his work 'Meditations' and his role in the Roman Empire's history.

Rome's Glory

A reference to the period of prosperity and expansive power of the Roman Empire, marked by significant achievements in architecture, engineering, law, and the arts.

Prestige Adornment

Objects or accessories worn that signify wealth, status, or authority, often made from precious materials and detailed craftsmanship.