Revise schedule vi
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 August 2012
Please explain the meaning of following line mentioned in guidelines of revise schedule vi.
"A liability is classified as current if, as on the Balance Sheet date, the Company does not have an unconditional right to defer its settlement for 12 months after the reporting date."
I m confused basically in the words " Does not have" and "unconditional".
Thankx in advance
"A liability is classified as current if, as on the Balance Sheet date, the Company does not have an unconditional right to defer its settlement for 12 months after the reporting date."
I m confused basically in the words " Does not have" and "unconditional".
Thankx in advance
27 August 2012
If the company has an absolute right to settle the amount after 12 months from the reporting date, then it is not a current liability.
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