Understanding Local Government Liabilities: A Primer

If you are a resident or an elected official in a local government and have noticed the liabilities on the Statement of Net Position, this article may be helpful to you. It's common for liabilities to cause anxiety, especially if you are not well-versed in governmental accounting standards. Liabilities have a permanent place on the Statement of Net Position, but should you be worried? Not necessarily, as not all liabilities are created equal. Often categorized by some as either ‘good’