Perhaps my master might refine a little in these speculations, which he had drawn from what he observed himself, or had been told him by others; however, I could not reflect without some amazement, and much sorrow, that the rudiments of lewdness, coquetry, censure, and scandal, should have place by instinct in womankind.
Financial Liability. Definition: Under international financial reporting standards, a financial liability can be either of these two items: 1  A contractual obligation to deliver cash or similar to another entity or a potentially unfavorable exchange of financial assets or liabilities with another entity.efinition: Under international financial reporting standards, a financial liability can be either of these two items: 1  A contractual obligation to deliver cash or similar to another entity or a potentially unfavorable exchange of financial assets or liabilities with another entity.
In financial accounting, a liability is defined as the future sacrifices of economic benefits that the entity is obliged to make to other entities as a result of past transactions or other past events,[1] the settlement of which may result in the transfer or use of assets, provision of services or other yielding of economic benefits in the future.