View Full Version : Accounts questions
pesimpson
Sep 17, 2013, 03:16 PM
Deferred taxes payable (non current) is a current liability or long term liability? Also, land held for sale is a current or long term asset?
paraclete
Sep 17, 2013, 10:56 PM
In the first instance what do the words current or non-current mean?
Current = short term; less than one year and non-current means long term or more than one year
If an investment is not long term then it is short term and therefore current.
land held for sale could reasonably be expected to be liquidated within one year
rehmanvohra
Sep 18, 2013, 05:23 AM
Deferred tax is a long term liability please study IAS 12
Land held for sale will be a current asset, if the entity is engaged in real estate