Accrued liabilities are liabilities that reflect expenses that have not yet been paid or logged under accounts payable during an accounting period; in other words, a company's obligation to pay for goods and services that have been provided for which invoices have not yet been received.[1] Examples would include accrued wages payable, accrued sales tax payable, and accrued rent payable.
There are two general types of Accrued Liabilities:
Routine and recurring
Infrequent or non-routine
Routine and recurring Accrued Liabilities are types of transactions that occur as a normal, daily part of the business cycle.[2] Infrequent or non-routine Accrued Liabilities are transactions that do not occur as a daily part of the business cycle, but do happen from time to time.[2]
^Grant, Mitchell (2021-06-08). "Accrued Liability: What It Is and How It Works". Investopedia. Retrieved 2021-06-27.
^ ab"PCAOB Rulemaking: Rel. 34-49544 (re: Public Company Accounting Oversight Board; Notice of Filing of Proposed Rule on Auditing Standard No. 2, An Audit of Internal Control Over Financial Reporting Performed in Conjunction with an Audit of Financial Statements)". SEC.gov. 2004-04-08. Retrieved 2021-06-27.
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