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  • Sep 17, 2013, 03:16 PM
    pesimpson
    Accounts questions
    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?
  • Sep 17, 2013, 10:56 PM
    paraclete
    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
  • Sep 18, 2013, 05:23 AM
    rehmanvohra
    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

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