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According to IASB Frmework liability is defined as follows:
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.
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.
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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Stride through your day in your Brunello Cucinelli Lace Up Sneakers. These patent leather beauties feature a brown straw weaved gum sole, tonal stitching, and brown lacing. You can pair these sneakers with a tonal pale green sweatsuit and run any errand with the style of athleisure style.
100 Percent Patent Leather
Brown Lacing
Brown Straw Weaved Gum Bottom
Engraved Logo Tongue
Made in Italy
Brand:
Color:
Heel Height:
Flat
Heel Style:
Slim
Size:
US Size:
11
Style/Collection:
Width:
Regular (M, B)
Type:
Style Tags:
Tue 9/4/18 - Sat 9/8/18 (4-8 days)
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