Villar declared P3,719,941,858 total assets with no
liabilities, while Pacquiao declared assets amounting to P3,151,813,728 and
liabilities totaling P146,005,728 for a net worth amounting to P3,005,808,000.
752 provides that a partner's basis in its partnership interest includes its share of partnership
liabilities. In general, a partner is allocated a share of a partnership liability under Sec.
"Statement 157 makes good sense for valuing financial instruments, but it is bad for the valuation of non-financial assets and
liabilities, such as intangibles and hard assets." says Alfred King, vice chairman of Marshall & Stevens, a national valuation firm.
Prospective investors and lenders are also understandably concerned about unexpected cleanup costs, delays and environmental
liabilities that can derail an otherwise promising project.
Insurance agents and brokers, for example, have fiduciary duties and corresponding
liabilities, as do executors of estates, trustees of organizations, and guardians.
TEI also supports the FASB's goal of achieving greater comparability of financial statements and consistency in the measurement and reporting of tax expense,
liabilities, and assets.
In financial statements prepared on the modified accrual basis of accounting,
liabilities and expenditures for termination benefits should be recognized to the extent the
liabilities are normally expected to be liquidated with expendable available financial resources.
Asset/Liability Management: Process of matching the characteristics and duration of the
liabilities associated with in-force contracts to the characteristics and duration of assets used to fund these
liabilities.
on reasonable request by a beneficiary, the trustee shall provide the beneficiary with a report of information about the assets,
liabilities, receipts, and disbursements of the trust, the acts of the trustee, and the particulars relating to the administration of the trust relevant to the beneficiary's interest, including the terms of the trust."
Acquiring a long-term care facility is like navigating a minefield: There are known risks, unknown
liabilities, and always the uneasy feeling that unforeseen dangers are lurking.
This concept of a corporation as a kind of person delineates the scope of its legal
liabilities. Just as a natural person cannot merely pass his or her legal responsibilities onto another person -- such as performance under a contract or responsibility for a debt -- a corporation cannot do so either.
Each of the five basic categories the law recognizes directly impacts the tax and legal
liabilities of both an enterprise and its principals.
Corporations with significant
liabilities for long-term retiree health benefits costs are facing an immediate, serious threat to their survival.
The
liabilities associated with silica exposure would go beyond worker's compensation claims and probably would include additional monetary awards, according to Mosher.
Issued in February 2006, FAS 155 amends FAS 133, Accounting for Derivative Instruments and Hedging Activities and FAS 140, Accounting for Transfers and Servicing of Financial Assets and Extinguishments of
Liabilities. FAS 155 permits fair value re-measurement for any hybrid financial instrument that contains an embedded derivative that otherwise would require bifurcation.
