In case the duration of the payment of liability is not fixed then how the present value of that longterm liability will be calculated?
Say for example , the liability for payment to customers is Rs. 10 lacs. But the payment could not be made and the liability has been shown as non current liability then how the liability will be discounted as per Ind As?
for example company acquired an asset for 10 lakhs from vendor. as per the understanding 10 lakhs is payable after 2 years.
in the above situation asset and liability can be recognised at discounted price.
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