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.Tamaris Narcisse Glam Tamaris Narcisse Comb Navy S7wrSq
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Please note: This item is a store display model and has minor cosmetic imperfections on the vamp. All pictures shown are of the actual product and are true, unaltered depiction of the product. Please don't hesitate to contact us if you have any questions, we will be glad to answer.
- Giuseppe Zanotti Men White High-Top Sneaker
- Material: Genuine white leather upper, leather lining and 1.5 inch rubber outsole.
- Features: Signature dual strap detail across the front with ski buckles, Silver-tone hardware, Exposed zipper detail at sides and back, Lace-up front with Giuseppe Zanotti leather logo patch on tongue.
- Made in Italy. Included: Giuseppe Zanotti branded box and dust bag.
- SIZE: US 11 / EU 44 Please feel free to contact us for exact measurements.
- Model: 1RM5031, 004
- Made in: Italy
Giuseppe Zanotti creatively incorporates silver-tone hardware and ski buckles into this updated rendition. A statement on its own, this pair will add an edge to any downtime ensemble.
Regular (M, B)
Mon 9/3/18 - Thu 9/6/18 (3-6 days)
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