10 The following terms are used in this Standard with the meanings specified:

A "provision" is a liability of uncertain timing or amount.

A "liability" 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 benefits [The definition of a liability in this Standard was not revised following the revision of the definition of a liability in the Conceptual Framework for Financial Reporting issued in 2018.].

An "obligating event" is an event that creates a legal or constructive obligation that results in an entity having no realistic alternative to settling that obligation.

A "legal obligation" is an obligation that derives from: (a) a contract (through its explicit or implicit terms); (b) legislation; or (c) other operation of law.