Liabilities
From ACT Wiki
1. Financial reporting. 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, the provision of services or other yielding of economic benefits in the future.
2. More generally, obligations or amounts owed to others (whether or not they are obligations of a financial reporting entity).
See also
- Assets
- Balance sheet
- Capital
- Compound instrument
- Credit balance
- Disaggregation
- Exemption clause
- Fair value
- Financial liability
- Gap
- Indemnity clause
- Mismatch
- Net assets
- Off-balance sheet finance
- Offset
- Provision
