Distinction between current and non-current liabilities

A current liability is a liability which is payable within 12 months of the balance sheet date.

A non-current liability is any other liability.

If a liablity is due for payment after 12 months and one day, it’s shown as a non-current liability.

Related posts:

1. Current and non-current liabilities
2. Accounts payable payment period
3. Balance sheet analysis
4. Balance sheet accounts payable
5. Current vs non current assets