“Liabilities” means, for the purpose of financial reporting, debts or other legal obligations arising out of transactions in the past which must be liquidated or refunded at some future date.
NRS 354.548
“Liabilities” defined
Known as the Local Government Budget and Finance Act
The act spans §§ 354–354 (155 sections).
(Added to NRS by 1965, 729; A 1981, 1763)
Official source: Nevada Legislature. Reproduced from public-domain Nevada statutes; confirm against the official source for the current text. Not legal advice.