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    pesimpson's Avatar
    pesimpson Posts: 8, Reputation: 1
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    #1

    Sep 17, 2013, 03:16 PM
    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?
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    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's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #3

    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
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