Liabilities means present obligations of the entity arising from past events;
(Financial Instructions 2005 s(3))
(Financial Instructions 2005 s(61-64))
Liabilities represent the amounts the agency owes and is expected to pay at some time in the future. It is important to be fully aware of commitments and the resources that will be required to settle these obligations in future. Funds need to be appropriately managed to enable liabilities to be paid on time.
The policies and procedures in this Part assign particular responsibilities to:
§
the Accounting Head;
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the payables officer.