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liability |
Also found in: Medical, Legal, Financial, Encyclopedia, Wikipedia | 0.04 sec. |
liabilityIn accounting, a financial obligation. Liabilities are placed alongside assets on a balance sheet to show the wealth of the individual or company concerned at a given date. Business organizations often distinguish between current liabilities such as overdrafts, trade credit, and provisions, and long-term liabilities such as debentures, mortgages, and unsecured loans. |
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| potential responsibility for payment of damages or other court-enforcement in a lawsuit, as distinguished from criminal liability, which means open to punishment for a crime. Despite the fact that this bill was instituted by the federal government in 2004, Desroches says that many employers are slowly coming to realize its full impact, which attributes criminal liability and thereby hefty fines and possible jail time for individuals who fail to ensure that their employees are working within a safe, regulated environment. In addition, the Privacy Act of 1974 and IRC section 6103, which prevent unlawful disclosure of taxpayer information, also apply to PCAs, potentially subjecting their employees to civil and criminal liability. |
Criminal liability
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