{"iri":"https://folio.openlegalstandard.org/R9Z711iWJXduD8qEPMQuyTK","label":"Warranty Obligations","sub_class_of":["https://folio.openlegalstandard.org/R8Gt68Hspze0zsEdYzUS2Fq"],"parent_class_of":[],"is_defined_by":null,"see_also":["https://folio.openlegalstandard.org/R7NPSSODp2sRYDRSQ2hvF3b"],"comment":null,"deprecated":false,"preferred_label":"Warranty Liability","alternative_labels":[],"translations":{},"hidden_label":null,"definition":"Warranty Obligations, also known as Warranty Liabilities, are commitments made by a company to repair, replace, or refund products that are found to be defective within a specified period. These obligations are recognized as a liability on the company's balance sheet, and an expense is recorded in the income statement to match the estimated future costs of honoring the warranties.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}