For a liability to exist under IFRS, which one of the following criteria must be satisfied?

The entity has an obligation $($that is$,$ a duty or responsibility to others that it has no

practical ability to avoid$).$

The obligation is a future obligation that exists as a result of past events.

The obligation is a past obligation that exists as a result of future events.

The obligation is a present obligation that exists as a result of future events.