Chapter 12 Liabilities Define liabilities.

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Presentation transcript:

Chapter 12 Liabilities Define liabilities. Understand the importance of liabilities today. Apply the definition to accounting situations.

Liabilities-Their Nature Snake Pit New importance: Dependent vs Independent What are they? definitions

Liabilities SFAC 6 definition & elements: probable future sacrifice of economic benefits present obligation transfer assets or services past transaction or event

Liabilities Three summary characteristics: 1. Duty exists 2. Virtually unavoidable 3. Event occurred

Liabilities Human invention Sources Types Normal Operations Government/courts Ethical/moral Types Contractual Constructive Equitable

Liability Discussion Cases SilVall Tech Obligation Issue Debit issue Lottery Ticket III Obligation Disc. Topics 5 & 6

Concerns with Liabilities Importance Four Concerns: 1. Settle only with assets 2. Focus “tense” tension..

Liability concerns 3. Legal enforceability? 4. Which past event?

Liability Update FASB revision of SFAC No. 6 liability definition SFAS 107 (mark to market) Updates