IFRS Defintions

1 A B C D E F G H I J K L M N O P Q R S T U V W
Le Li Lo
Lia Lif Liq

Liability

A liability is a present obligation of the entity arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits.

 

 

 

 

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Liability for incurred claims

An entity’s obligation to investigate and pay valid claims for insured events that have already occurred, including events that have occurred but for which claims have not been reported, and other incurred insurance expenses.

 

 

 

 

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