Capítulo 13

Capítulo 13

1. Current liabilities

   • obligation of a company arising from past events, the settlement of which is expected to result in an outflow from the company of resources
     • characteristics:
       • -present obligation -arises from past events -results in an outflow of resources
     • is reported if:
       • - the liability is expected to be settled within its normal operating cycle.
       • the liability is expected to be settled within 12 months after the reporting date
     • liabilities with a more distant due date do not represent a claim on the company's current resources
       • operating cycle
         • is the period of time between the acquisition of goods and services involved in the manufacturing process and the final cash realization resulting from sales
   • -accounts payable -notes payable -dividends payable -unearned revenues -income taxes payable -short term obligations expected to be refinanced -sales and value added taxes payable -employee-related liabilities

2. Provisions

   • companies accrue an expense and related liability for a provision only if:
     • - a company has presented obligation as a result of past events -an outflow of resources embodying economic benefits will be required to settle the obligation -reliable estimate can be made of the amount of the obligation
       • constructive obligation
         • obligation that derives from a company's action
           • -by established pattern of past practice that the company had indicated to other parties -the company has created a valid expectation on the part of those other parties that it will discharge
   • -lawsuits -warranties -consideration payable -environmental -onerous contracts -restruncturing

3. Contingencies

   • are not in the financial statements because they are a possible obligation, or because is not probable that payment will be made or a obligation which a reliable estimate of the obligation cannot be made
     • contingent assets
       • is a possible asset from past events and existence will be confirmed by the occurence or non-occurence of uncertain future
         • virtually certain
           • is generally interpreted to be at least a probability of 90% or more
       • -recepits of monies -refunds from the government in tax -court cases with a probable favorable outcome

4. Presentation and Analysis

   • current liabilities are usually recorded and reported in financial statements at their full maturity value
     • analysis of current liabilities
       • current ratio
         • is the ratio of total current assets to total current liabilities
         • acid test ratio
           • relates total current liabilities to cash, short term investments and receivables