ACCTSol99.pdf - 2 Award 10.00 points Under ASPE only legal...

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2. Award: 10.00 points 3. Award: 10.00 points Under ASPE, only legal obligations are recognized. True False References True / False Learning Objective: 12-01 Define the meaning of a liability and distinguish between financial; non-financial liabilities and constructive obligations. Difficulty: 1 Easy Learning Objective: 12-08 Compare and contrast the reporting and measurement of liabilities under ASPE and IFRS. A reasonable expectation on the part of a company's stakeholders arising from a company's past practices or behaviour may constitute a constructive obligation in certain instances. True False References True / False Difficulty: 1 Easy Learning Objective: 12-01 Define the meaning of a liability and distinguish between financial; non-financial liabilities and constructive obligations.
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