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Current liabilities are company's debts or/and obligations which are due within one year. Current liabilities will appear on a company's balance sheet and include accounts payable, short term debt, and accrued liabilities.
Here are the typical items that are reported as current liabilities on a corporation’s balance sheet:1. Accounts payable. 2. Deferred revenues.3. Accrued compensation.4. Other accrued expenses or liabilities.5. Accrued income taxes and perhaps some deferred income taxes.6. Short-term notes.7. The current portion of long-term debt.To be reported as a current liability the item must be due within one year of the balance sheet date (unless the company’s operating cycle is longer). However, there is no requirement that the current liabilities be presented in the order in which they will be paid. Hence, the current portion of long-term debt might be listed last, but the principal payment might be due within several days of the balance sheet date.
