A liability is defined in the IASB Conceptual Framework as:

A$.$ A present obligation arising from a past event, the settlement of which is expected to result in an inflow of future economic benefits to the entity.

B$.$ A present obligation of the entity to transfer an economic resource as a result of past events.

C$.$ A future obligation arising from a past event, the settlement of which is expected to result in an outflow of future economic benefits from the entity.

D$.$ A present obligation arising from a future event, the settlement of which is expected to result in an outflow of future economic benefits from the entity.