Definition - What does Current Liabilities mean?
Current liabilities are liabilities that must be repaid in a year or less. These liabilities are commonly listed on a company's balance sheet. In the context of the law, current liabilities are typically legally enforceable, meaning that the company has a legal obligation to pay them back. If it doesn't, then it could face lawsuits and potential punitive consequences.
Justipedia explains Current Liabilities
Current liabilities are one of many different points of data that one can find on a balance sheet. Such information can be useful for regulators who are looking into the company, or for investors who wish to gain insight into the company's financial condition. Examples of current liabilities that a company may have include accounts payable and short-term bills. If the bill is longer term, and is not expected to be paid until more than a year into the future, then it won't qualify as a current liability.