correctly defines ‘equity according to the IASB’s Conceptual Framework for Financial Reporting? a. Equity is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefit. b. Equity is a resource controlled by an entity as a result of past events and from Equity is the residual interest in the assets of the entity after deducting all its 11 liabilities 7. Which of the following statements is/are true? outside world IAS national accounting standards and IFRSs. 2.A and C only b. B only CB and Conly d. Conly 12. T