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.
Liabilities are a companyâs debts, or the amount of money it owes other parties, such as lenders or suppliers. When you list liabilities on your small businessâs balance sheet, you separate them into two subsections: current liabilities and long-term liabilities. Current liabilities are those that you expect to pay within one year. Long-term liabilities are those you expect to pay after a year. The amount of your small businessâs total liabilities, or total debt, you must report on your balance sheet equals the sum of your current and long-term liabilities.