QUESTION 12 A present obligation, as one of the criteria for recognising a liability, implies Othere must be a legal obligation O a legally binding contractual arrangement between two parties: the entity and another party the involvement of two separate parties--the entity and another party-of which the identity needs not necessarily to be known the involvement of two separate parties-the entity and another party-of which the identity must be known QUESTION 13 should be disclosed within the notes to the financial statements when an associated According to paragraph 34 of AASB 137. a inflow of economic benefits is deemed to be probable. O contingent asset financial asset O contingent liability O financial liability