explain various list of liabilities according to PTA and PIA
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Types of Liabilities
Current, non-current and contingent liabilities
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What Are the Main Types of Liabilities?
There are three primary 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: “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.