Editing Current liability (section)

==Measurement==
All liabilities are conceptually measured initially at [[present value]] and subsequently at [[amortized cost]].<ref name=":1" />{{Rp|page=5}} The [[Financial Accounting Standards Board]] (FASB), for instance, declared that all liabilities will be measured at [[fair value]] instead of historical cost.<ref>{{Cite book |last=Bragg |first=Steven M. |url=https://books.google.com/books?id=yNgYHL3iIdkC&dq=Measurement+of+current+liabilities&pg=PT811 |title=Wiley GAAP 2012: Interpretation and Application of Generally Accepted Accounting Principles |date=2011-09-26 |publisher=John Wiley & Sons |isbn=978-1-118-15627-8 |language=en}}</ref> However, in practice, current liabilities or short-term obligations are measured and reported at their [[face value|face amount]] rather than being discounted. This is because the difference between the face amount and the present value is typically immaterial and can be disregarded.<ref name=":1" />{{Rp|page=5}}