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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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NIB Christian Louboutin Bip Bip Orlato Silver Sequin Flat High Top Sneakers 40.5



********** Christian Louboutin **********





Brand: Christian Louboutin

Size: 40.5 (know your Louboutin size)

Name: Bip Bip Woman Orlato

Color: Silver

Style: Lace Up Sneakers

Style#: 3170779

Material: Paillettes

Retail: $995+tax

Silver paillettes caresse material

Multicolor sequins if rubbed the other way

White laces and sole

Black trim

Lace up tie front

High top sneakers

Louboutin circle inside logo

Classic red sole with Louboutin signature

Brand new in box, comes with original box and dust bag

100% Authentic or your money back

Great gift

I ship worldwide

Any other questions just ask, I will be happy to answer them


Brand:

Color:

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Flat

Size:

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40.5

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Regular (M, B)

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Mon 9/3/18 - Thu 9/6/18 (3-6 days)

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