Liabilities: Difference between revisions
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imported>Doug Williamson (Add link.) |
imported>Doug Williamson (Add link.) |
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* The provision of services or | * The provision of services or | ||
* Other yielding of economic benefits in the future. | * Other yielding of economic benefits in the future. | ||
Examples include overdrafts, trade payables, accruals and provisions. | Examples include overdrafts, trade payables, accruals and provisions. | ||
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* [[Credit balance]] | * [[Credit balance]] | ||
* [[Disaggregation]] | * [[Disaggregation]] | ||
* [[Discharge]] | |||
* [[Equity]] | * [[Equity]] | ||
* [[Exemption clause]] | * [[Exemption clause]] | ||
Revision as of 17:05, 2 October 2022
1. Financial reporting - balance sheet.
In financial reporting, liabilities are amounts or 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
