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	NACUBO Home - Business Topics - Accounting - Accounting Tutorials - What Does 'Current' Tell The Financial Statement ...
		Current liabilities are obligations that are due or will become due with one year and will be paid with current assets or replaced with another current liability.
		If the current liability will be liquidated with a noncurrent asset or refinanced with some form of long-term debt, the current liability should be reclassed and reported as a long-term rather than a current obligation as current assets will not be used for its payment.
		Current assets and liability data are used to analyze the institution's financial operations to determine where the news is good or bad.
	www.nacubo.org /x1602.xml (762 words)

	Resources for Current Liabilities and Contingencies (Site not responding. Last check: 2007-09-16)
		A current liability is one that requires the use of current assets in the coming year for its extinguishment, or the incurrence of another current liability.
		Liabilities are not discounted for reporting purposes; the difference between nominal and present value for a current liability is considered immaterial.
		Contingent liabilities are contingent on the second event in the future, but the first event must have occurred for the firm to have a contingent liability as of the balance sheet date.
	www.swcollege.com /accounting/students/liab_current_reso.htm (2770 words)

	Watson Wyatt - Insider
		Current liability is a plan's liability for benefits accrued to date using assumptions specified by law.
		Assuming that current liability roughly approximates the assets required to fund a terminating plan, a funding target ratio of 100 percent implies a long-range funding policy of having enough plan assets on hand to pay all benefits upon plan termination.
		In fact, because of the current federal government surplus, the 30-year Treasury rates used to develop current liability under law are artificially low—so current liability probably exceeds plan termination liability in many instances.
	www.watsonwyatt.com /us/pubs/insider/showarticle.asp?ArticleID=7614 (558 words)

	Mortality Table Comments
		The current liability is not a true reflection of the actual plan benefit liabilities or funded status, so the concept of an “accurate” current liability is illusory.
		The current liability does not accurately estimate the value of the plan’s liability to pay benefits, the employer’s legal liability should the plan be terminated, the progress of funding, or the value of benefits accumulated in a plan.
		The use of the proposed mortality assumptions implies that the current liability is an accurate indicator of the plan’s funded status, and it is not.
	www.asppa.org /archive/gac/2004/2004-02-25-mortality.htm (2831 words)

	NACUBO Home - Business Topics - Accounting - Accounting Tutorials - Classified Current Liabilities
		Items within the current liability section typically are listed in the order of average length of the maturities, according to amount (largest to smallest), or in order of liquidation preference--that is, in the order of their legal claims against assets.
		Current liabilities having a definite amount, which include trade accounts payable, short-term notes payable, currently maturing portion of long-term debt, advances and refundable deposits, accrued liabilities (including those for compensated absences, off-balance sheet financing obligations, and product financing arrangements), and unearned (deferred) items, such as revenues collected in advance.
		Current liabilities requiring amounts to be estimated, which include payments in lieu of property taxes and any contingencies.
	www.nacubo.org /x1801.xml (857 words)

	[No title]
		Current Maturities of Long-term Debt (Long-term liability that is due on demand within a year The portion of long-term debt maturing within the next fiscal year is reported as a current liability.
		Long-term debts should not be reported as current liabilities if: (1) they are retired by assets not classified as current assets, (2) they are refinanced or retired from the proceeds of new issues of debt, (3).they are converted into capital stock.
		The term contingent liability is used to describe a circumstance in which the existence of a liability is uncertain.
	www.people.vcu.edu /~mspark/Note-Ch13.doc (2577 words)

	Chapter 13 Current Liabilities
		Usually, but with exceptions, current liabilities are obligations payable within one year or within the firm's operating cycle, whichever is longer.
		The requirement to classify currently maturing debt as a current liability includes debt that is callable by the creditor in the upcoming year — even if the debt is not expected to be called.
		The entire $20 million maturity amount should be reported as a current liability because that amount is payable in the upcoming year and it will not be refinanced with long-term obligations nor paid with a bond sinking fund.
	capital2.capital.edu /faculty/lmitterm/Chap13-312-01.htm (2714 words)

	revrul96-20
		The deficit reduction contribution is determined as the sum of the unfunded new liability amount, the expected increase in current liability due to benefits accruing during the plan year, and the amortization amounts for certain amortization bases.
		The unfunded new liability is the excess, if any, of the unfunded current liability for the plan year over the sum of (1) the unamortized portions of the DRC amortization bases, and (2) the liability with respect to any unpredictable contingent event benefits for which the unpredictable contingent event has occurred.
		The amortization base for the unfunded existing benefit increase liability described in § 412(1)(3)(C)(ii) is established, if appropriate, for the plan year in which the benefit increase relating to the liability becomes effective, or, at the election of the employer, for the plan year beginning in 1989.
	www.taxlinks.com /rulings/1996/revrul96-20.htm (1144 words)

	The Medical Liability Crisis Questions and Answers from the American Medical Association
		Medical liability premiums have reached $200,000 a year or more in some high-risk specialties and 12 states are in crisis.
		The states that are currently in crisis are those states that either have no cap on non-economic damages, or a cap that is so high it is ineffective.
		Currently, 70-80 percent of all cases filed against doctors are dismissed without action.
	www.dcmsonline.org /legislative/QandA.htm (1950 words)

	CURRENT Communications - CURRENT Broadband® Service Agreement
		CURRENT may impose an additional charge to reinstate a suspended account, for late payments, or for checks or other payments that are not honored by your bank.
		CURRENT may be providing Equipment to you at no charge for your use of the Service, or may provide Equipment at a special 'upgrade' price in lieu of Equipment available at no charge.
		CURRENT will amend or replace such provision with one that is valid and enforceable and which achieves, to the extent possible, the original objectives and intent of CURRENT as reflected in the original provision.
	www.current.net /OurPolicies/CustomerAgreement (3195 words)

	REVIEW OF CHAPTER 11
		Current maturities of long-term debt are often identified on the balance sheet as long-term debt due within one year.
		Current liabilities are usually in order of magnitude with the largest obligations being listed first.
		current ratio is current assets divided by current liabilities.
	www.geocities.com /maldebie/acc102-ch11.htm (472 words)

	Current asset - Wikipedia, the free encyclopedia
		In accounting, a current asset is an asset on the balance sheet which is expected to be sold or otherwise used up in the near future, usually within one year, or one business cycle - whichever is longer.
		Typical current assets include cash, cash equivalents, accounts receivable, inventory, the portion of prepaid accounts which will be used within a year, and short-term investments.
		The current ratio is calculated by dividing total current assets by total current liabilities.
	en.wikipedia.org /wiki/Current_asset (141 words)

	[No title]
		Section 3.5, Additional Liabilities, states, in part, “...if the reinsurer has the right to raise reinsurance premiums on in-force business without a corresponding right by the ceding entity to raise policyholder premiums or terminate the reinsurance, an additional current liability may be indicated.” The same language appeared in the original ASOP of July 1989.
		Furthermore, the linking of (a) the possible need for an additional current liability to (b) the right of the insurer to raise premiums or terminate the reinsurance, may be inappropriate.
		In determining whether an additional current liability is indicated, the ceding company’s actuary may wish to assess both the intention of the reinsurer to raise rates as well as the intention of the ceding company to pass any such rate increase along to its policyholders by modifying non-guaranteed policy elements.
	www.lotteract.com /resources/solow/OnASOPNo11.doc (708 words)

	Revenue Ruling 96-21
		For purposes of computing the initial funded current liability percentage, the actuarial value of assets is reduced by any credit balance in the plan's funding standard account as of the end of the prior plan year, adjusted with interest to the valuation date (using the valuation interest rate).
		The plan's "initial funded current liability percentage" is equal to the actuarial value of assets (reduced by the prior year credit balance), divided by the plan's current liability as of the valuation date.
		The "adjusted current liability" of the plan is equal to the excess of $ 1,070,000 (the sum of $ 1,000,000 and $ 70,000) over $ 40,000, each adjusted with interest to the end of the plan year at the Section 412(l)(7) (C) interest rate.
	benefitslink.com /IRS/revrul96-21.html (1919 words)

	Classification of Current Assets and Current Liabilities (Site not responding. Last check: 2007-09-16)
		The current classification applies to those assets that will be realized in cash, sold, or consumed within one year (or operating cycle, if longer), and those liabilities that will be discharged by use of current assets or the creation of additional current liabilities within one year (or operating cycle, if longer).
		The current liability section of a balance sheet is also intended to include obligations that are due on demand or will be due on demand within one year from the balance sheet date, even though liquidation may not be expected within that period.
		The current portion of both deferred tax assets and deferred tax liabilities are to be recorded as current assets or current liabilities.
	www.ffsc.org /guidelines/ca_cl.htm (355 words)

	US CODE: Title 29,1082. Minimum funding standards
		Current liability.— For purposes of subparagraph (D) and subclause (I) of subparagraph (A)(i), the term “current liability” has the meaning given such term by subsection (d)(7) of this section (without regard to subparagraphs (C) and (D) thereof) and using the rate of interest used under subsection (b)(5)(B) of this section.
		The unfunded old liability amount with respect to any plan for any plan year is the amount necessary to amortize the unfunded old liability under the plan in equal annual installments over a period of 18 plan years (beginning with the 1st plan year beginning after December 31, 1988).
		The term “unfunded old liability” means the unfunded current liability of the plan as of the beginning of the 1st plan year beginning after December 31, 1987 (determined without regard to any plan amendment increasing liabilities adopted after October 16, 1987).
	www4.law.cornell.edu /uscode/html/uscode29/usc_sec_29_00001082----000-.html (8494 words)

	Technical Update 03-17: 2003 Model Participant Notice
		The change in section 405 of JCWAA to the maximum interest rate that may be used to calculate current liability for DRC funding purposes can affect both the requirement to issue the 2003 Participant Notice and the plan funding information required to be disclosed in the 2003 Participant Notice.
		Under JCWAA, the Funded Current Liability Percentage for the 2003 plan year and the 2002 plan year is determined using the JCWAA maximum current liability interest rate, i.e., 120% (rather than 105%) of the specified weighted average of Treasury securities interest rates.
		In calculating its Funded Current Liability Percentage for a plan year, a plan that is a "small plan" (see definition in III.
	www.pbgc.gov /practitioners/law-regulations-informal-guidance/content/tu12786.html (2229 words)

	Exercise: Financial Statement Analysis: Current Liabilities and Contingencies (Washington Post)
		The firm describes its contingent liabilities in a short footnote, saying that it is a defendant in several civil suits involving libel and invasion of privacy.
		Each of the current liabilities listed is a definite liability as of the balance sheet.
		To report the liability at the cost of meeting the subscription obligations would imply that the gross profit (subscription price less cost) was recognized at the balance sheet date.
	www.swlearning.com /accounting/students/liab_current_exer1a.htm (780 words)

	FRB: Testimony, Greenspan -- Social security -- November 20, 1997
		Because, under a wide range of assumptions, the magnitude of this liability remains very large relative to the current outstanding federal debt to the public--$3-1/2 trillion--the market adjustment could be substantial.
		In the case of the Chilean pension reform, a significant portion of the implicit liability of their old system was made explicit at the initiation of the new pension system by the issuance of "recognition bonds" that were deposited in workers' individual accounts.
		The key issues that will affect the economy are (1) the change from the implicit liability of the current system to one of an irrevocable obligation to pay and (2) the magnitude of changes in national saving and the level of productivity-spurring investment.
	www.federalreserve.gov /boarddocs/testimony/1997/19971120.htm (2507 words)

	CHAPTER LECTURE NOTES
		A liability is measured in terms of its cash equivalent (the cash amount that the creditor would accept to settle the liability) when first recorded.
		A contingent liability is a "potential" liability that has arisen as a result of a past event or transaction.
		PV is the current value of an amount to be received in the future; a future amount discounted for compound interest.
	www.clscc.cc.tn.us /Courses/jmeir/ACC2010/Chapter9LectureNotes.html (3258 words)

	[No title]
		The estimated total liability is comprised of claims currently being administered through the SIF, claims anticipated from injuries that have already occurred but have not yet been reported as SIF claims, and the unpaid balance of a loan from the Supplemental Administrative Fund.
		A second method used to estimate the liability for future SIF claims involves separate estimates of the population of Indiana and the average SIF loss relative to the population.
		Our third method used to estimate the liability for future SIF claims involves estimating the percentage of SIF claims relative to total indemnity losses for the State of Indiana, and applying that percentage to estimated total indemnity losses over the past ten year period which corresponds to the liability for future SIF claims.
	www.in.gov /workcomp/forms/2ndinjuryfund/StudyReport.doc (3545 words)

	Fool.com: Current Liabilities Explained [Drip] February 3, 2000
		These are short-term debts that arise from the purchase of current assets and include the portion of long-term liabilities due within the next 12 months.
		Current liabilities are bills due and IOUs hanging over a company's head.
		This might seem confusing since it's long-term debt in the current liabilities section, but because it will be due within one year of the report, it will be paid currently.
	www.fool.com /dripport/2000/dripport000203.htm (701 words)

	Current Situation: (Site not responding. Last check: 2007-09-16)
		A university may be held liable for the negligence of its certified athletic trainers, including their failure to properly train, supervise and instruct student athletic trainers.
		The university currently provides funding for eight work-study positions ($1,900 each) and allows the athletic training staff to divide these resources based on criteria which include individual student work awards, availability of staff members and level of competency of each student athletic trainer.
		Current certification in CPR and First Aid should be a requirement for all members of your staff, including student employees.
	www.ncaa.org /databases/reports/3/200007mc/200007_d3_mc_agenda_s05_att_a.html (7353 words)

	Harcourt College: Accounting (Site not responding. Last check: 2007-09-16)
		An accrued liability is an amount incurred due to the passage of time.
		A contingent liability is an existing item whose outcome is unknown because it is dependent on some future event.
		Find some examples in the current press, or think of a few of your own, to open a class discussion of what is on, or off, the balance sheet, and what the distinction means for an organization.
	www.swcollege.com /accounting/porter/instructor/resources/irk/ch09.html (1859 words)

	Basel Action Network (BAN)
		The brief further argued that the current liability principles would perversely encourage the shipments of hazardous wastes to developing countries and that the subject draft is premised on the unethical notion that victims in developing countries should not enjoy remedies found in developed countries.
		Generators and transporters would, if faced with the liability rules reflected in the current draft, have an incentive to take measures to ensure that they are not are not "notifiers", i.e, they will shift the liability onto "exporters".
		A common view in Geneva is that the liability protocol will be the main issue at COP 5, (especially since the Basel Ban confrontation seems to have quieted for the moment) It was clear that the negotiators did not have a mandate to develop a broad basis for victim remedies.
	www.ban.org /subsidiary/liability_report.html (1855 words)

	Small business: Toolkit for success - Current and quick ratios
		The current ratio formula divides total current assets by total current liabilities.
		Current assets to be included are cash on hand, accounts receivable and marketable securities.
		The answer indicates how many dollars of current assets are available for each dollar of current liability.
	www.bankrate.com /selaol/news/biz/green/19991229b.asp (387 words)

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