Perhaps my master might refine a little in these speculations, which he had drawn from what he observed himself, or had been told him by others; however, I could not reflect without some amazement, and much sorrow, that the rudiments of lewdness, coquetry, censure, and scandal, should have place by instinct in womankind.
Financial Liability. Definition: Under international financial reporting standards, a financial liability can be either of these two items: 1  A contractual obligation to deliver cash or similar to another entity or a potentially unfavorable exchange of financial assets or liabilities with another entity.efinition: Under international financial reporting standards, a financial liability can be either of these two items: 1  A contractual obligation to deliver cash or similar to another entity or a potentially unfavorable exchange of financial assets or liabilities with another entity.
Definition of Current Liabilities. In the accounting world, liabilities are financial obligations you have to another organization or individual. If part of your financing is a 20-year bank loan, that's a liability. One week into a pay period, the wages employees have earned - but you haven't yet paid - are liabilities. Current liabilities are liabilities that need to be paid in full within one year.