Accrued Expenses
Code: 2120
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Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Expenses incurred but not yet paid
Sub-accounts
International Accounting Standards
IFRS
IAS 37
Provisions, Contingent Liabilities and Assets
Accruals are liabilities for goods/services received but not yet invoiced. Distinguishable from provisions.
US GAAP
ASC 420
Exit or Disposal Cost Obligations
Accrued liabilities recognised when probable and estimable. Similar to IFRS but different threshold language.