Accounting of liabilities

In this section, we’ll explain the accounting  of liabilities. In Financial Instruments section, you can find the explanation of long-term financial liabilities usually carrying interest. Some of the chapters on financial liabilities in financial instruments section include classification of financial liabilities, financial liabilities at amortized cost, FVTPL liabilities. This section is focused on the current liabilities, provisions, and contingent liabilities.

Following chapters are included in this section:

  1. Introduction to accounts payable
  2. Accounts payable function
  3. Three-way match
  4. Liquidity risk management
  5. Secured and unsecured payables
  6. Accounts payable ageing
  7. Accrued liabilities
  8. Search for unrecorded liabilities
  9. Provisions
  10. Provision for warranty
  11. Provision for onerous contract
  12. Provision for dismantling costs
  13. Provision for environmental costs
  14. Contingent liabilities
  15. Liability vs Provision vs Contingent Liability