deferred liability

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Deferred Liability

1. Money that a company receives from a customer as prepayment for some good or service. A deferred liability is listed on a balance sheet as a liability until the good or service is delivered. This is because the company would have to return the money if it does not keep its end of the bargain as promised. A deferred liability is also called a deferred credit or deferred revenue.

2. See: Past-Due Payment.

deferred liability

A liability that usually would have been paid but is now past due.
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COA noted that instead of classifying the excess health insurance payments under the Other Deferred Credits account, COA considered the excess amount as income.
The contract covers the financing of extraordinary expenditures budgeted for fiscal year 2013 (excluding provincial administrative home) and deferred credits in 2012 (as well as possible budget changes) that may need to be funded 6/30/2014 by rights prints, or an annual amount of approximately 13 million, as and when required, as well as administrative services to afferents.
The deferred credits can be claimed under the following schedule: 50% of the deferred balance in 2013, 75% of the remaining deferred balance in 2014, and the remaining balance in 2015.
To correct this error, the company will now record construction allowances as deferred credits, which will be amortized as a reduction of rent expense over the lease term.
The temporary difference related to investment tax credits that are deferred for financial reporting purposes should be scheduled to result in future deductible amounts in the periods in which the deferred credits will be recognized for financial reporting purposes.