With respect to the central equation:
- Assets = Liability + Equity
Liability and Asset share similar adjectives of past , present, and future in their definitions:
- Arising out of defined past events
- A present obligation (liability) / right (asset)
- for the future outflow (liability) / in flow (asset) of resources (being the concrete form of abstract economic benefit)
( Equity is defined as assets less liabilities ).
And they both have the same recognition criteria : probable , and measurable.
These definitions may be changed soon, to emphasise concepts such as "presently enforceable" , "present right of control over resources(asset)/obligation of economic burden(liability)", by some accounting bodies.