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Definition

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According to IASB Frmework liability is defined as follows:

A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits (IASB Framework).

Explanation

In simple words, liability is an obligation of the entity to transfer cash or other resources to another party.

Liability could for instance be a bank loan, which obligates the entity to pay loan installments over the duration of the loan to the bank along with the associated interest cost. Alternatively, an entity's liability could be a trade payable arising from the purchase of goods from a supplier on credit.

Classification

Liabilities may be classified into Current and Non-Current. The distinction is made on the basis of time period within which the liability is expected to be settled by the entity.

Current Liability is one which the entity expects to pay off within one year from the reporting date.

Non-Current Liability is one which the entity expects to settle after one year from the reporting date.

Types and examples

Following are examples the common types of liabilities along with their usual classifications.

Liability Classification
Long Term Bank Loan Non-current
Bank Overdraft current
Short Term Bank Loan current
Trade Payables current
Debenture Non-current
Tax Payble Current

It may be appropriate to break up a single liability into their current and non current portions. For instance, a bank loan spanning two years and carrying 2 equal installments payable at the end of each year would be classified half as current and half as non-current liability at the inception of loan.

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Elements of Financial Statements
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You will look like a real fashionista when you slip into these heels. This set of heel is made with a white colored material. They have a heel which is tall and tapered. This is a classic design which has a chic and sexy look. The toe box area has a pointed toe construction. The toe area has a platform style construction. This sole helps to add more height to the heels. A small tab has been added to the top middle area of heel. A thin white ankle strap has been run through this tab. A gold chain accent has been added to the strap. Dangling chin style charms have been added to this chain. These charms have alternating lengths. This added to the exciting look of this accent. Get a kick out of wearing these formal heels.

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