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Category: Accounting of liabilities

Accounting of liabilities

January 6, 2021 Khayyam Javaid, ACA

In this section, we’ll explain the accounting  of liabilities. In Financial Instruments section, you can find the explanation of long-term…

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Posted in: Accounting of liabilities, Financial Accounting

Liability vs Provision vs Contingent Liability

January 5, 2021 Khayyam Javaid, ACA

Liabilities, provisions, and contingent liabilities are closely related terms and can easily be confused with one another. In this post,…

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Posted in: Accounting of liabilities, Financial Accounting

Contingent liabilities

Khayyam Javaid, ACA

Contingency means a possible event that can happen in the future but the happening of that event cannot be predicted…

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Posted in: Accounting of liabilities, Financial Accounting

Provision for environmental costs

Khayyam Javaid, ACA

When a company sets up a long-term asset such as an oil rig, a power plant or a large processing…

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Posted in: Accounting of liabilities, Financial Accounting

Provision for dismantling costs

Khayyam Javaid, ACA

Provision for dismantling costs refers to an estimate of the costs of dismantling a fixed asset and restoring the site.…

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Posted in: Accounting of liabilities, Financial Accounting

Provision for onerous contract

Khayyam Javaid, ACA

Provision for onerous contracts represents the future losses expected from a certain contract that becomes onerous. Before going in detail,…

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Posted in: Accounting of liabilities, Financial Accounting

Provision for warranty

Khayyam Javaid, ACA

Warranty is often given by companies selling certain products such as electronic items for e.g., cell phones, laptops etc. Similarly,…

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Posted in: Accounting of liabilities, Financial Accounting

What is a provision in accounting?

Khayyam Javaid, ACA

As defined by IAS 37, a provision is a liability of uncertain timing or amount. To understand this definition, one…

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Posted in: Accounting of liabilities, Financial Accounting

Search for unrecorded liabilities

Khayyam Javaid, ACA

To ensure the completeness of liabilities, auditors often perform a test called search for unrecorded liabilities. However, accountants preparing the…

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Posted in: Accounting of liabilities, Financial Accounting

Accrued liabilities

Khayyam Javaid, ACA

Accrued liabilities represent an entity’s obligations related to expenses that have been incurred but not yet paid. But why are…

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Posted in: Accounting of liabilities, Financial Accounting

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    Financiopedia
    • Financial Accounting
      • Basics of accounting
      • Double-entry accounting system
      • Accounting cycle
      • Accounting principles
      • Bookkeeping
      • Accounting of assets
      • Property, plant and equipment
      • Financial instruments
      • Inventory
      • Accounts receivable
      • Accounting of liabilities
      • Accounting of income
      • Accounting of expenses
      • Financial statements
      • Ratio analysis
    • Management Accounting
      • Introduction to management accounting
      • Introduction to costs
      • Material and labour costs
      • Marginal and Absorption Costing
      • Inventory valuation
      • Inventory management
      • Costing systems
      • Budgeting
      • CVP analysis
    • IFRS
      • IFRS 15 – Revenue from contracts with customers
      • IFRS 9 – Financial Instruments
    • About Us