BUS 321 Lecture Notes - Lecture 1: Current Liability, Contract, London Agreement On German External Debts

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 321
• Professor: Dennis Chung

Document Summary

An obligation of an enterprise, arising from past transactions or events, the settlement of which may result in the transfer or use of assets, provision of services, or other yielding of economic benefits in the future. Transaction or event that has already occurred. Proposed definition of a liability is a present economic obligation, for which the entity is the obligor. Not payable within one year (or operating cycle, whichever is longer) Contractual obligations to either: deliver cash or financial asset to another party, to exchange financial assets or financial liabilities with another party under conditions that are potentially unfavourable to the entity. Initially measured at fair value, subsequent measurement generally at amortized cost. Obligations to be met by the delivery of goods and services. Certain liabilities created by legislation (income taxes) Ifrs: measured at best estimate of payment that would be required to settle the obligation at balance sheet date.