In financial language, generally an obligation to pay of a business entity to a third party (an obligation that legally binds an individual or company to settle a debt). – A liability is a present obligation of the enterprise arising from past actions, the settlement of which is expected to result in an outflow of money. A liability is a present obligation of the enterprise arising from past actions, the settlement of which is expected to result in an outflow of money. – Liabilities are shown on the liabilities side of a company’s balance sheet and are therefore also referred to as equity and liabilities. Their counterparts are receivables. – Liabilities are generally recognized in the balance sheet at their settlement amount. Any costs must be taken into account, namely in this case regularly the amount charged by a bank for the transfer and possibly – in the case of items in foreign currency – for the exchange into foreign currency for the payment transaction. – See imparity principle, pledge, debt, value date clause, fair value accounting.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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