According to the New Conceptual Framework and Under ASPE in the CPA

Multiple Choice

According to the new Conceptual Framework and under ASPE in the CPA Canada Handbook Part II, which of the following is NOT an essential characteristic of a liability?

A) It embodies a duty or responsibility.
B) The transaction or event that obliges the entity has occurred.
C) The obligation is enforceable on the other party.
D) The entity has little or no discretion to avoid the duty.