Liability

1. Law.

A legal duty or obligation.

2. Financial reporting.

An amount payable.

Liabilities may include estimates, and amounts payable for commercial reasons - for example to maintain goodwill with customers - even if there is not a strict legal obligation to pay them.

See also

• Actuarial liability
• Asset-liability management
• Compensation
• Damages
• Goodwill
• Joint and several liability
• Law
• Liabilities
• Limited liability
• Regulation
• Trustee liability insurance