UK Liability Extinguished?


Joined
Oct 23, 2022
Messages
1
Reaction score
0
Country
United Kingdom
Hi

I would welcome any advice on the following please. Is a liability legally extinguished after 6 years has passed? I have a situation where we have accrued for a liability on our balance sheet but (despite initial communication with the supplier) the invoice was never issued and therefore the debt never paid. Can I reduce or remove the accrued liability from the balance sheet now that 6 years have passed. Is this in accordance with IFRS 9?

Thanks in advance.
 
Ad

Advertisements

Joined
May 27, 2022
Messages
35
Reaction score
4
Country
United States
That's a legal question, not an accounting question. I think you'd need to ask a lawyer licensed to practice in your jurisdiction.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Similar Threads


Top