What is Accrued Liabilities?

Legal Definition
Accrued liabilities are liabilities that reflect expenses on the income statement that have not been paid or logged under accounts payable during an accounting period; in other words, obligations for goods and services provided to a company for which invoices have not yet been received. Examples would include accrued wages payable, accrued sales tax payable, and accrued rent payable.

There are two general types of Accrued Liabilities:

  • Routine and recurring
  • Infrequent or non-routine
-- Wikipedia