Liability
From Open Risk Manual
Revision as of 17:48, 6 September 2021 by Wiki admin (talk | contribs)
Definition
Liability is a present Obligation of the entity to transfer an economic resource as a result of past events. It is an amount 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.
See Also
Disclaimer
This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.
