Acco 320 notes – book - Study guides, Class notes & Summaries

Acco 320 Notes – Book

Chapter 13 – Non-Financial and Current Liabilities  It is important for businesses to properly account for liabilities because it useful for cash flow management IFRS and ASPE currently define a liability as:  An obligation of an enterprise  Arising from past transactions or events  The settlement of which may result in the transfer or use of assets or provision of services, or other yielding of economic benefits in the future Constructive Obligation: An organization acknow...