DuncanS
11 years agoUltimate Partner
Trevor,
Current Assets are those that last less than 12 months.
Non-Current Assets are those that last more than 12 months.
The same definition applies to Current and Non - Current Liabilities.
Accounting Standards require the above categories.
With Current and Non - Current you can have Sub-Headings.
By example, Current Assets have a Sub-Heading Cash Assets which then lists the entity's Bank Accounts.
With a Loan over say 48 months, it is necessary to have 12 months of payments as a Current Liability and the balance as a Non - Current Liability.
Those Tax Agents who belong to Professional Bodies are required to adhere to Accounting Standards.
Hope this helps.
Duncan
Related Content
- 4 years ago
- 5 years ago
- 5 years ago