Liabilities

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Insurance Journal  Apr 5  Comment 
Kaufman Dolowich & Voluck LLP (KDV), a national law firm headquartered in Woodbury, N.Y., is expanding its Insurance Coverage & Litigation Practice with the addition of three directors and officers liability partners in its New York City office....
Insurance Journal  Apr 4  Comment 
XL Catlin has enhanced its online underwriting platform for design professional brokers to offer capabilities for quick, single-point access to rate, bind and issue professional liability insurance coverage for architects, engineers, and other...
Insurance Journal  Mar 21  Comment 
The death of a pedestrian hit by a self-driving Uber vehicle in Arizona this week could offer a test of who can be held legally responsible for accidents when a human is no longer at the wheel, legal experts said. …
Insurance Journal  Mar 20  Comment 
McDonald’s Corp. said on Monday it had agreed to settle a U.S. labor board case on whether the company is accountable for its franchisees’ alleged labor law violations. The settlement, which must be approved by a National Labor Relations Board...
Forbes  Mar 19  Comment 
An Uber autonomous SUV has killed a pedestrian in Tempe, Ariz., and the incident could take on a life of its own in the courts, as well as the court of public opinion.
Insurance Journal  Mar 18  Comment 
The National Labor Relations Board is ignoring its own guidelines and rushing to settle a major workplace action involving McDonald’s Corp., lawyers for employees involved in the litigation alleged. If the workers win at trial, the case could...
Insurance Journal  Mar 16  Comment 
A lawsuit claiming Monsanto Co.’s popular weed killer Roundup causes cancer was dealt a blow by a judge’s conclusions that the opinions of the experts testifying against it are “shaky,” a potentially devastating development for the case...
Insurance Journal  Mar 14  Comment 
Picture Iowa farmers bathing in Roundup weed killer. That was a federal judge’s takeaway after seeing slides that “sort of seared into my brain” that the main chemical in Monsanto Co.’s Roundup is ubiquitous in the Hawkeye state’s...
The Hindu Business Line  Mar 12  Comment 
Bharti Airtel board has given its nod for the company to raise up to ₹16,500 crore to refinance debt and pay for spectrum liabilities. The board approved issuance of non-convertible debenture




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A liability is an accounting term for anything of value a company or an individual owes. Liabilities can include financial liabilities usually debt or fixed goods which have yet to be delivered. Publicly-traded companies are required to list a summary of their assets and liabilities every quarter on their balance sheet, where accounting rules determine how liabilities are categorized and valued. The opposite of a liability is an asset - something of positive value, or something the company owns.

Types of Liabilities

From an accounting perspective, liabilities are divided into two broad categories:

Current Liabilities

Current liabilities are debts or obligations which are due within a year. Current liabilities are reported on the company's balance sheet and include Short-Term Debt, accrued liabilities and Accounts payable.

  • Short-term bank loans: which are a form of short-term debt that the company takes out.
  • Accounts payable: which is money owed to a company, for a good or service. This includes unpaid bills.

By the principle of prudence, current liabilities are reported in the balance sheet at their least favorable valuation.

Long-Term Liabilities

Long-term liabilities are liabilities that will not be paid off or are not due within a year. Long-term liabilities are also reported on the company's balance sheet and include items such as long-term bank loans and bonds issued by the company. They are generally subject to interest payments. Examples include: company cars, computers and investment in another company.

References

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