According to IAS-1, Classified the accounts payable as current liabilities even if the due date after two years. True or False?

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Qasim Raza · Answer

Kamran Khurshid · Answer

False - Statement! - It should fall under long term liability which is also a sequential of Payable.

Sridhar Rajagopal · Answer

Accounts Payable always a current liability as it is related to short term (6 months to one Year).Any liability arising after two years will be classified as Long term Liability as required by IFRS(IAS) by accounting standardards

Raju Ghimire · Answer

False, Cash itself is Current Assets although we're not able to withdraw it whenever needed, Current Assets means which can be converted into most liquid form (cash) within1 stipulated period (mostly1 year). But if we can't withdraw it when needed means its not quick assets.

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According to IAS-1, Classified the accounts payable as current liabilities even if the due date after two years. True or False?

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