In the Statement of Principles the ASB defined liabilities as follows: "Liabilities are obligations of an entity to transfer economic benefits as a result of past transactions or events" (paragraph 4.24). There are two types of obligations; one which is a legal obligation where a person/entity has a legal claim on payment; and a constructive obligation where in this situation an entity has by its actions created a valid expectation on the part of other parties that it will discharge certain responsibilities e...
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There are two types of obligations; one which is a legal obligation where a person/entity has a legal claim on payment; and a constructive obligation where in this situation an entity has by its actions created a valid expectation on the part of other parties that it will discharge certain responsibilities e...
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