Current and Noncurrent
**GRAMMAR CHECK: Hindi hyphenated ang Noncurrent. Isa ‘to sa mga common mistakes ng mga students and professionals.
CURRENT LIABILITY aka SHORT-TERM OBLIGATION
Ayon sa PAS 1, Paragraph 69, para masabing current, ang isang liability ay dapat:
· Ini-expect ng entity na masettle o mabayaran ang liability sa loob ng entity’s operating cycle. (That was normally one year.)
· Hawak ng entity ang liability for the purpose of trading.
· Dapat within twelve (12) months after ng reporting period ang due date. Let’say for example na the repoting period is December 31, 2011, at may liability ang entity na ang due date is November 30, 2012, swak pa din ‘to as current kasi ang due date which is also the settlement date is within 12 months.
· Ang entity ay walang karapatang iurong ang settlement date for atleast 12 months after the reporting period. It only means na obligado nila ‘tong bayaran within the said period. Wag makulit!!
Pero ang Trade Payables, Accruals for employees at iba pang mga operating costs ay parte ng working capital, at hindi classified as current kahit na nag-exceed sa 12 months ang settlement date.
Hindi lahat ng criteria ay dapat matuhog ng isang liability for it to be classified as current. Kahit isa lang sa apat ay sapat na.
Measurement
Ang Short –term obligations ay measured at FACE VALUE.
Since sort-term lang ang obligation, immaterial na ang discount (Face amount less Present value) kaya din na pinapansin. Luluwa dila mo ka-cocompute tapos ga-munggo lang ang discout. Kaya wag na. leave it as is.
Examples of Current Liability
- Trade ang other payables (Accounts Payable, Notes Payables, etc.)
- Current provisions (Papaliwanag sa susunod na kabanata)
- Short-term borrowings
- Current portion of long-term debt
- Current tax liability
NONCURRENT LIABILITY aka LONG-TERM OBLIGATION
Kung hindi tanggap bilang current ang isang liability, ay malamang recognizable as noncurrent yun.
Normally, more than a year ang term ng isang noncurrent liability.
2 Uri ng Noncurrent Liability
A. INTEREST-BEARING – Meaning, may interest na nag-aaccrue. Pag may nakita ka ng mga liabilities na may 10%, 12%, 20% or whatsoever percent; interest rate yun.
