Economics · Accounting Principles
According to the IFRS Conceptual Framework, a liability is defined as:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A decrease in owner's equity
- 2An obligation to record income
- 3A present obligation to transfer an economic resource as a result of past events✓
- 4A future contract signed by the company
Correct answer
A present obligation to transfer an economic resource as a result of past events
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