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In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage.

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Wikipedia about liabilities

In the most general sense, a liability is anything that is a hindrance, or puts individuals at a disadvantage.

Accounting liability

In financial accounting, a liability is defined as an obligation of an entity arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future. Individual or group must adopt corporate charter and file it with the state.

  • They embody a duty or responsibility to others that entails settlement by future transfer or use of assets, provision of services or other yielding of economic benefits, at a specified or determinable date, on occurrence of a specified event, or on demand;
  • The duty or responsibility obligates the entity leaving it little or no discretion to avoid it; and,
  • The transaction or event obligating the entity has already occurred.

Liabilities in financial accounting need not be legally enforceable; but can be based on equitable obligations or constructive obligations. An equitable obligation is a duty based on ethical or moral considerations. A constructive obligation is an obligation that can be inferred from a set of facts in a particular situation as opposed to a contractually based obligation.

The accounting equation relates assets, liabilities, and owner's equity:

Assets = Liabilities + Owner's Equity

The accounting equation is the mathematical structure of the balance sheet.

The Australian Accounting Research Foundation 1 defines liabilities as future sacrifice of economic benefits that the entity is presently obliged to make to other entities as a result of past transactions and other past events.

Probably the most accepted accounting definition of liability is the one used by the International Accounting Standards Board (IASB). The following is a quotation from IFRS Framework:

Regulations as to the recognition of liabilities are different all over the world, but are roughly similar to those of the IASB.

Examples of types of liabilities include: money owing on a loan, money owing on a mortgage, or an IOU.

Classification of accounting liabilities

Liabilities are reported on a balance sheet and are usually divided into two categories:

  • Current liabilities  these liabilities are reasonably expected to be liquidated within a year. They usually include payables such as wages, accounts, taxes, and accounts payables, unearned revenue when adjusting entries, portions of long-term bonds to be paid this year, short-term obligations (e.g. from purchase of equipment), and others.
  • Long-term liabilities  these liabilities are reasonably expected not to be liquidated within a year. They usually include issued long-term bonds, notes payables, long-term leases, pension obligations, and long-term product warranties.

Search results for Liabilities

IFRS: Liabilities

PricewaterhouseCoopers guidance on accounting for liabilities under International Financial Reporting Standards. ... Financial liabilities also include certain ...www.pwc.com/Extweb/service.nsf/docid/EBF86179F55EF0788025712...

Balance Sheet Liabilities | AccountingCoach.com

... the balance sheet: current assets, long-term assets, current liabilities, long ... Liabilities also include amounts received in advance for future services. ...www.accountingcoach.com/online-accounting-course/05Xpg02.htm...

Liabilities - Current liabilities, Long-term liabilities, Contingent ...

Liabilities are paid off under either short-term or long-term arrangements. ... A company's liabilities are critical factors in ... LONG-TERM LIABILITIES ...www.referenceforbusiness.com/encyclopedia/Kor-Man/Liabilitie...

Liabilities - Encyclopedia - Business Terms

Liabilities are paid off under either short-term or long-term ... One indicator associated with liabilities often studied is working capital. ...www.inc.com/encyclopedia/liabilities.html

Liabilities

Primary and Excess layers for Public and Product Liability, Third Party Motor ... Liabilities. Lifeline Plus. Major Accounts Practice ... General Liabilities ...www.aig.com/liabilities_318_95829.html

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News about Liabilities

(AFX UK Focus) 2008-10-03 11:59 Irish cbank chief defends govt bank guarantee plan

Interactive InvestorDUBLIN, Oct 3 (Reuters) - Irish central bank chief John Hurley on Friday defended the government's plan to guarantee 400 billion euros ($558 billion) of Irish bank liabilities, saying risks to financial stability had become unacceptably high.http://www.iii.co.uk/news/?type=afxnews&articleid=6928235&su...

Michael Vick Lawyers Ask for Mediator on Finances

Washington PostNEWPORT NEWS, Va. -- Lawyers for Michael Vick asked a federal bankruptcy judge on Friday to appoint a mediator to help settle his debts to creditors, saying a third party might expedite a resolution in the case. http://www.washingtonpost.com/wp-dyn/content/article/2008/10...

Iceland pays price for rapid economic growth

Washington PostLONDON -- As the world suffers a hangover from the financial excesses of the past few years, the tiny island nation of Iceland has a bigger headache than most. http://www.washingtonpost.com/wp-dyn/content/article/2008/10...

Bank plan was "necessary", Cowen insists

Ireland Business WorldIreland's move to guarantee Irish bank liabilities of E400bn was absolutely necessary, Taoiseach Brian Cowen has insisted. The legislation, which has already triggered inflows of cash from Britain into Irish banks, passed into law yesterday.http://www.businessworld.ie/livenews.htm?a=2302012;s=rolling...

Banks apply to be covered by Irish deposit guarantees

Times OnlineThe Irish President Mary McAleese will this morning sign off on legislation guaranteeing the liabilities of Irish banks after an all-night session of the Dáil as it became clear that more financial institutions are poised to apply to join the unprecedented government scheme.http://www.timesonline.co.uk/tol/business/markets/article486...

News about Liabilities

AIG's Asian Units Seek Distance From Parent;Reassure Clients

CNN MoneyAIA Singapore currently has sufficient assets in its insurance funds to meet its liabilities to policyholders. Policy holders should, therefore, not act hastily to terminate their insurance policies with AIA as they may suffer losses from the ... http://money.cnn.com/news/newsfeeds/articles/djf500/20080916...

Cramer: SEC Played a Big Role

Street.ComHere's a company that has lots of liabilities but also lots of assets. While its liabilities are liquid -- meaning it has to pay them off quickly if there is an event that triggers payment -- its assets, such as its great life insurance and aircraft ... http://www.thestreet.com/print/story/10437593.html

Thornburg Mortgage at risk after new margin calls

Reuters ... it from paying the cash portion "if, after making the payment, the company would not be able to pay its debts as they become due in the usual course of business or the company's total assets would be less than the sum of its total liabilities.http://www.reuters.com/article/bondsNews/idUSN16368052200809...

O/night dlr Libor soars, OIS spreads widen; stg jumps

Reuters ... The bank-to-bank cost of borrowing overnight dollars surged on Tuesday to more than three times the Federal Reserve's target rate and its highest since 2001, as European banks struggled to get funds they desperately need to meet dollar liabilities ... http://www.reuters.com/article/marketsNews/idUSLG60542220080...

Insurance regulator IRDA assessing impact on AIG ventures

Reuters IndiaThe solvency margin is the extent to which an insurance company's assets exceed its liabilities. Indian regulations require a solvency margin of 150 percent, and both of the joint ventures have margins well above that, he said.http://in.reuters.com/article/businessNews/idINIndia-3549782...

Search results for Liabilities

Liability

Liability - Definition of Liability on Investopedia - A company's legal debts or obligations that arise during the course of business operations. Liabilities are settled ... http://www.investopedia.com/terms/l/liability.asp

Current Liabilities

Current Liabilities - Definition of Current Liabilities on Investopedia - A company's debts or obligations that are due within one year. Current liabilities appear on the ... http://www.investopedia.com/terms/c/currentliabilities.asp

Liabilities

The International Accounting Standards Board ... Liabilities . Purpose of project. This project will amend IAS 37 Provisions, Contingent Liabilities and Contingent Assets (and make ... http://www.iasb.org/Current+Projects/IASB+Projects/Liabiliti...

liabilities - Definitions from Dictionary.com

noun, plural -ties. 1. liabilities, a. moneys owed; debts or pecuniary obligations (opposed to assets). b. Accounting. liabilities as detailed on a balance sheet, esp. in relation ... http://dictionary.reference.com/browse/liabilities

liabilities definition |Dictionary.com

Definition of liabilities at Dictionary.com with free audio pronunciation. liabilities synonyms and translations. Crossword and puzzle games.http://dictionary.reference.com/search?r=2&q=liabilities
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Chrysler Liabilities Handed Off

Chrysler Liabilities Handed OffAfter factoring in $19 billion of health and pension liabilities, WSJ's Alan Murray says Daimler is actually paying Cerberus to take Chrysler off its hands. (May 14)Flash - Video

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What are long term and current liabilities? (What are long term and current liabilities?)Cash FlowFlash - Video

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Should I Incorporate or Form a Limited Liability CompanyChoosing Between an LLC and a Corporation The "Limited Liability" of Both Entities The owners of a sole proprietorship or general partners of a partnership are not protected from...Flash - Video

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401k Limits, Limitations & Latent Liabilities Part 3 of 4401k limits for 2007 are up but, is it a smart decision to contribute to the maximum? This 4 part video series explores the rarely discussed downsides, hidden obligation traps,...Flash - Video

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Beware of Liabilities Hosting a Holiday PartyBeware of Liabilities Hosting a Holiday PartyFlash - Video

Videos found for Liabilities

2046689.smil

2046689.smilGeorge Lee, Economics Editor, reports on the latest in Revenue's probe into undeclared tax liabilities from investments in life assurancerealmedia: 2.8 MB w:320px - h:240px

6news56_7a.smil

6news56_7a.smilMedical insurance row may be solved soon Aileen O'Meara, Health Correspondent, reports on the latest in the row over historical liabilities for claims against obstetriciansrealmedia: 2.8 MB w:320px - h:240px

2046310.smil

2046310.smilGeorge Lee, Economics Editor, reports as the Revenue Commissioners demand that tax evaders make a voluntary disclosure of their liabilitiesrealmedia: 2.8 MB w:320px - h:240px

video.mpg

video.mpgmpeg: 65.3 MB w:352px - h:240px

Sarbanes_Oxley.mov

Sarbanes_Oxley.movManaging Liabilities Under Sarbanes-Oxleyquicktime: 0.7 MB w:160px - h:120px

Answers for Liabilities

rummy522

What is the theoretically correct way to value liabilities?

rummy522Liabilities are basically STD and LTD. Then ofcourse the current assets, which are valued at fair market value or historical cost whichever is lower, I mean the inventories. Then it is an asset which ...
rakimages

How do I protect my personal assests from business liabilities?

rakimagesEstablish an LLC ... Limited Liability Company ... this limits your liability to just the business and your personal assets can not be touched.
cuvelx

How do Assets Liabilities and Owner Equities affect the financial statements?

cuvelxThis would be called a "balance sheet" in financial accounting. A balance sheet or statement of financial position is a "SUMMARY of an organization's balances. Assets, liabilities and ownership equit...
Dawn S

What is a good reference to learn about tax laws and liabilities associated with investments- ) stocks & equit

Dawn SRead about those in Publication 17 and other free publications from the IRS. Investments take in a lot of information such as Roth and IRA and ownership of a business entity.
Vincent S

We bought another company assets, however a supplier of theirs wont sell to us until liabilities are resolved?

Vincent Sits a bad deal which you've encountered. Way-out (1) Legally restrain the counterpart to utilize your assets, (which creditors can not contest) (2) To allow the counter part to execute your pending ...

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