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Current, non-current and contingent liabilities

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What Are the Main Types of Liabilities?

There are three types of liabilities: current, non-current, and contingent liabilities. Liabilities are legal obligations or debt owed to another person or company. In other words, liabilities are future sacrifices of economic benefits that an entity is required to make to other entities as a result of past events or past transactions.

Defined by the International Financial Reporting Standards (IFRS) Framework: Choo Champagne Choo Jimmy Jimmy Vamp Formal “A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits.”

 

 

Classification of Liabilities

There are three main classifications of liabilities:

  1. Current liabilities (short-term liabilities) are liabilities that are due and payable within one year.
  2. Vamp Jimmy Champagne Formal Choo Choo Jimmy Non-current liabilities (long-term liabilities) are liabilities that are due after a year or more.
  3. Contingent liabilities are liabilities that may or may not arise depending on a certain event.

 

Types of Liabilities: Current Liabilities

Current liabilities, also known as short-term liabilities, are debts or obligations that are due within one year. Current liabilities are closely watched by management to make sure that the company possesses enough liquidity from current assets to ensure that the debts or obligations can be paid off.

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Examples of current liabilities:

  • Accounts payable
  • Interest payable
  • Income taxes payable
  • Bills payable
  • Bank account overdrafts
  • Accrued expenses
  • Vamp Jimmy Choo Choo Formal Jimmy Champagne Short-term loans

Current liabilities are used as a key component in several short-term liquidity measures.  Below are examples of metrics management teams and investors look at when analyzing a company and performing Brandy W2R brandy 1638C1 Pikolinos DENIA qTwIaa.

Examples of key ratios that use current liabilities are:

  • The current ratio: Current assets divided by current liabilities
  • The quick ratio: Current assets minus inventory divided by current liabilities
  • The cash ratio: Cash and cash equivalents divided by current liabilities

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Types of Liabilities: Non-current Liabilities

Non-current liabilities, also known as long-term liabilities, are debts or obligations that are due in over a year’s time. Long-term liabilities are an important source of a company’s long-term financing. Companies take on long-term debt to acquire immediate capital to fund the purchase of capital assets or invest in new capital projects.

Long-term liabilities are crucial in determining a company’s long-term solvency. If companies are unable to repay their long-term liabilities as they become due, then the company will face a solvency crisis.

List of non-current liabilities:

  • Bonds payable
  • Long-term notes payable
  • Choo Champagne Jimmy Formal Jimmy Choo Vamp Deferred tax liabilities
  • Mortgage payable
  • Capital lease

 

Types of Liabilities: Contingent Liabilities

Contingent liabilities are liabilities that may occur depending on the outcome of a future event. Therefore, contingent liabilities are potential liabilities. For example, when a company is facing a lawsuit of $100,000, the company would face a liability if the lawsuit proves successful. However, if the lawsuit is not successful, the company would not face a liability. In accounting standards, a contingent liability is only recorded if the liability is probable and the amount can be reasonably estimated.

List of contingent liabilities:

  • Lawsuits
  • Product warranties

 

 

Other Resources

Jimmy Choo Formal Jimmy Champagne Vamp Choo Thank you for reading this guide to types of liabilities. To further advance your financial education, CFI offers the following resources.

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