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.
|Long Term Bank Loan||Non-current|
|Short Term Bank Loan||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.Christian Louboutin Pumps Black Strappy Heels 66wrOFxd
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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
Style: Lace Up Sneakers
Silver paillettes caresse material
Multicolor sequins if rubbed the other way
White laces and sole
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
I ship worldwide
Any other questions just ask, I will be happy to answer them
Regular (M, B)
Mon 9/3/18 - Thu 9/6/18 (3-6 days)
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