Liabilities: Difference between revisions
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imported>Doug Williamson (Expand first definition.) |
imported>Doug Williamson (Expand definition.) |
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1. ''Financial reporting''. | 1. ''Financial reporting - balance sheet''. | ||
In financial reporting, liabilities are present amounts or present obligations of a reporting entity arising from past transactions or events, the settlement of which may result in: | |||
* The transfer or use of assets, for example payments of money | |||
* The provision of services or | |||
* Other yielding of economic benefits in the future. | |||
Examples include overdrafts, trade payables, accruals and provisions. | Examples include overdrafts, trade payables, accruals and provisions. | ||
Liabilities are represented in the balance sheet by credit balances. | Liabilities are represented in the balance sheet by credit balances. | ||
2. | 2. ''Lending - borrowing.'' | ||
More generally, liabilities are any obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity). | More generally, liabilities are any obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity). | ||
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== See also == | == See also == | ||
* [[Accrual]] | |||
* [[Assets]] | * [[Assets]] | ||
* [[Balance]] | |||
* [[Balance sheet]] | * [[Balance sheet]] | ||
* [[Capital]] | * [[Capital]] | ||
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* [[Credit balance]] | * [[Credit balance]] | ||
* [[Disaggregation]] | * [[Disaggregation]] | ||
* [[Discharge]] | |||
* [[Equity]] | * [[Equity]] | ||
* [[Exemption clause]] | * [[Exemption clause]] | ||
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* [[Mismatch]] | * [[Mismatch]] | ||
* [[Net assets]] | * [[Net assets]] | ||
* [[Net worth]] | |||
* [[Off balance sheet finance]] | * [[Off balance sheet finance]] | ||
* [[Offset]] | * [[Offset]] | ||
* [[Overdraft]] | * [[Overdraft]] | ||
* [[Provision]] | * [[Provision]] | ||
* [[Reporting entity]] | |||
* [[Trade payables]] | |||
* [[Wealth]] | |||
[[Category:Accounting,_tax_and_regulation]] | |||
Latest revision as of 09:44, 26 January 2023
1. Financial reporting - balance sheet.
In financial reporting, liabilities are present amounts or present obligations of a reporting entity arising from past transactions or events, the settlement of which may result in:
- The transfer or use of assets, for example payments of money
- The provision of services or
- Other yielding of economic benefits in the future.
Examples include overdrafts, trade payables, accruals and provisions.
Liabilities are represented in the balance sheet by credit balances.
2. Lending - borrowing.
More generally, liabilities are any obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).
See also
- Accrual
- Assets
- Balance
- Balance sheet
- Capital
- Compound instrument
- Credit balance
- Disaggregation
- Discharge
- Equity
- Exemption clause
- Fair value
- Financial liability
- Financial reporting
- Indemnity clause
- Interest gap
- Liabilities and equity
- Mismatch
- Net assets
- Net worth
- Off balance sheet finance
- Offset
- Overdraft
- Provision
- Reporting entity
- Trade payables
- Wealth
