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.
Current liabilities on the balance sheet represent debts due within the next twelve months. Investing for Beginners. The current liabilities section on the balance sheet shows the debts a company owes which must be paid within one year. These debts are the opposite of current assets.