According to the conceptual framework for financial reporting, a liability is a present obligation of an entity arising from past events, the settlement of which is expected to result in an outflow of economic resources from the entity.

This definition has three key components:

1. Present obligation: A liability is a present obligation of the entity, which means that it is a legal or constructive obligation that exists at the end of the reporting period.
2. Past events: The obligation arises from past events, such as purchase of goods or services, borrowing money, or issuing securities.
3. Outflow of economic resources: Settlement of the obligation is expected to result in an outflow of economic resources from the entity, such as payment of cash, provision of goods or services, or transfer of other assets.

Examples of liabilities include accounts payable, loans, bonds, taxes payable, and customer deposits.

Overall, the definition of a liability in the conceptual framework emphasizes the importance of present obligation, past events, and expected outflows of economic resources in determining whether a financial obligation should be classified as a liability in the financial statements.