Accounting Liabilities and Financial Obligations

Liabilities integrate all obligations of the entity. Unpaid balances may represent resources being transmitted to third parties or requirements for legal or contractual obligations that are generated for third parties.

Classification of Certain and Uncertain Obligations

There are certain obligations: obligations representing those facts and events in which the identified person is the creditor. These obligations include:

• Perfected (Improved): if the debtor and the creditor have agreed upon the amount of the operation.
• Unperfected (Not improved): if the amount of the obligation is not specified.

Uncertain obligations are situations in which a future obligation can be anticipated from a fact that has already been generated. They are also known as contingent liabilities, contingent, or random.

Current Liabilities and Short-Term Debts

Current liabilities are the entries directly expiring within one year that will produce following results from the general balance sheet date.

Current Debts and Forecasts

Debts: certain obligations, determined or determinable. Examples include suppliers, documents to pay for advance rent collected, partner's particular account, and various creditors. Adjusting accounts: non-accrued interest for documents receivable and tax advances.

Forecasts: items that represent the closing date of the financial statements; these are estimates where contingent situations can lead to the company's obligations to third parties in the future. Examples include forecasts for layoffs, sick leave, and pending litigation.

Non-Current Liabilities and Long-Term Debts

Non-current liabilities are liabilities that exceed the term to maturity of 12 months from the general balance sheet.

Debts: certain or determinable obligations that cannot be considered current. Examples include documents payable within 1 year and 2 months and bank debts. Adjusting accounts: accrued interest of documents not to pay, or other credits.

Non-Current Forecasts and Obligations

Forecasts: items that represent the closing date of the financial statements; these are estimates of contingent situations that can cause obligations to the company in the future, which by maturity cannot be considered current liabilities. Examples include foresight for layoffs, accidents at work, and pending trials.

Unrealized Profits and Deferred Gains

Profits to be realized are the gains stemming from operations which have not been estimated as concluded substantial acts and deeds that make them recognizable by the accounting closing date. For example: exchange differences to be made and deferred profit on the sale of property.