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Current/ Non - current The current/ non current Same as IFRS for SMEs
distinction distinction is required except [IAS 1.60, 1.66, 1.69]
when a liquidity presentation
is more relevant.
An asset is classified as
current if it is:
expected to be
realized, sold or
consumed in the
entity's normal
operating cycle
(irrespective of
length);
Primarily held for the
purpose of trading;
Expected to be
realized within 12
months after the
balance sheet date; or
Cash and cash
equivalent (that does
not restrict its use
within 12 months after
the balance sheet
date).
A liability is classified as
current if:
It is expected to be
settled in the entity's
normal operating
cycle;
It is primarily held for
the purpose of trading;
It is expected to be
settled within 12
months after the
balance sheet date; or
The entity does not
have an unconditional
right to defer
settlement of the
liability until 12
months after the
balance sheet date.
[IFRS for SMEs 4.4-4.8]