Liabilities
Code: 2000
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Account Information
| Account Type | Statement of Financial Position |
| Normal Balance | Credit |
Definition
Represents financial obligations owed by the company
Sub-accounts
2100
Current Liabilities
International Accounting Standards
IFRS
IAS 1
Presentation of Financial Statements
Liabilities are present obligations arising from past events, settlement of which will result in outflow of resources.
US GAAP
ASC 450
Contingencies
Similar definition. Classified as current or non-current. Contingent liabilities require probability assessment.