LIABILITY
In
financial accounting, a liability is defined as the future sacrifices of
economic benefits that the entity is presently obliged to make to other
entities as a result of past transactions or other past 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.
A
liability is defined by the following characteristics:
Any
type of borrowing from persons or banks for improving a business or personal
income that is payable during short or long time;
A
duty or responsibility to others that entails settlement by future transfer or
use of assets, provision of services, or other transaction yielding an economic
benefit, at a specified or determinable date, on occurrence of a specified
event, or on demand;
A
duty or responsibility that obligates the entity to another, leaving it little
or no discretion to avoid settlement; and,
A
transaction or event obligating the entity that 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 is implied by a set of circumstances in a particular situation,
as opposed to a contractually based obligation.
The
accounting equation relates assets, liabilities, and owner's equity:
\text{Assets} = \text{Liabilities} + \text{Owner's
Equity}
The
accounting equation is the mathematical structure of the balance sheet.
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:
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