Liabilities

Definition

Liabilities are present obligations of an entity to transfer an economic resource as a result of past events. It comprises of amounts owed (that is, payable) by an individual or entity for products or services received, expenses incurred, assets acquired, and amounts received but not yet earned.

Usage

• Statement of Financial Position

See Also

• Claim
• Equity

XBRL Properties

• IFRS Prefix: ifrs-smes
• Element Name: Liabilities [abstract]
• Common Initials:
• Element Type and Attributes: Aggregate
• Hierarchy Level: 2
• IFRS References: