Liability - Revision history

Pestergaines: +link

2012-01-01T10:14:02Z

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	According to U.S. GAAP:		According to U.S. [[GAAP]]:

	<blockquote>"[A Liability is] probable future sacrifices of economic benefits, arising from present obligations of a particular entity, to transfer assets or provide services to other entities in the future."<ref name="FASB">FASB Concept Statement No. 6, paragraph 35</ref></blockquote>		<blockquote>"[A Liability is] probable future sacrifices of economic benefits, arising from present obligations of a particular entity, to transfer assets or provide services to other entities in the future."<ref name="FASB">FASB Concept Statement No. 6, paragraph 35</ref></blockquote>

	Under International Financial Reporting Standards or IFRS, a liability is:		Under International Financial Reporting Standards or [[IFRS]], a liability is:

	<blockquote>"...a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits."<ref name="IASB">IASB Conceptual Framework, paragraph 49</ref></blockquote>		<blockquote>"...a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits."<ref name="IASB">IASB Conceptual Framework, paragraph 49</ref></blockquote>

Pestergaines: +cat

2011-04-04T22:42:02Z

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	== References ==		== References ==
	{{reflist}}		{{reflist}}

			[[Category:Concepts]]

Huckelberry at 19:18, 3 April 2011

2011-04-03T19:18:03Z

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	A '''liability''' is a something for which one is obligated.<ref name="dictionary">"~~Asset~~ - Definition and More from the Free Merriam-Webster Dictionary." Dictionary and Thesaurus - Merriam-Webster Online. [http://www.merriam-webster.com/dictionary/asset online] (accessed April 3, 2011).</ref> Most often, in financial accounting, a liability is [[debt]] or ''de facto'' debt.		A '''liability''' is a something for which one is obligated.<ref name="dictionary">"Liability - Definition and More from the Free Merriam-Webster Dictionary." Dictionary and Thesaurus - Merriam-Webster Online. [http://www.merriam-webster.com/dictionary/asset online] (accessed April 3, 2011).</ref> Most often, in financial accounting, a liability is [[debt]] or ''de facto'' debt.

Huckelberry: Create

2011-04-03T19:16:55Z

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A '''liability''' is a something for which one is obligated.<ref name="dictionary">"Asset - Definition and More from the Free Merriam-Webster Dictionary." Dictionary and Thesaurus - Merriam-Webster Online. [http://www.merriam-webster.com/dictionary/asset online] (accessed April 3, 2011).</ref> Most often, in financial accounting, a liability is [[debt]] or ''de facto'' debt.

According to U.S. GAAP:

<blockquote>"[A Liability is] probable future sacrifices of economic benefits, arising from present obligations of a particular entity, to transfer assets or provide services to other entities in the future."<ref name="FASB">FASB Concept Statement No. 6, paragraph 35</ref></blockquote>

Under International Financial Reporting Standards or IFRS, a liability is:

<blockquote>"...a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits."<ref name="IASB">IASB Conceptual Framework, paragraph 49</ref></blockquote>

== References ==
{{reflist}}