# In older documents also Impegno (liability, payables)

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## Definition

In financial language, generally an obligation to pay of a business entity to a third party (an obligation that legally binds an individual or company to settle a debt). - A liability is a present obligation of the enterprise arising from past actions, the settlement of which is expected to result in an outflow of money. A liability is a present obligation of the enterprise arising from past actions, the settlement of which is expected to result in an outflow of money. - Liabilities are shown on the liabilities side of a company's balance sheet and are therefore also referred to as equity and liabilities. Their counterparts are receivables. - Liabilities are generally recognized in the balance sheet at their settlement amount. Any costs must be taken into account, namely in this case regularly the amount charged by a bank for the transfer and possibly - in the case of items in foreign currency - for the exchange into foreign currency for the payment transaction. - See imparity principle, pledge, debt, value date clause, fair value accounting. Attention: The financial encyclopedia is protected by copyright and may only be used for private purposes without express consent! University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec. Professor Dr. Eckehard Krah, Dipl.rer.pol. E-mail address: info@ekrah.com https://de.wikipedia.org/wiki/Gerhard_Ernst_Merk https://www.jung-stilling-gesellschaft.de/merk/ https://www.gerhardmerk.de/

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