short term and long term in schedule III

814 views 2 replies
hello everyone,
can you let me know, where can I get guidance on short term and long bifurcation of assets and liabilities in schedu
le III.
Early response you will be highly appreciated.
Thanks in advance!!
Replies (2)
refer Guidance note on schedule III😘
An asset shall be classified as ‘current’ when it satisfies any of the following criteria:

(a) it is expected to be realized in, or is intended for sale or consumption in the company’s normal operating cycle;
(b) it is held primarily for the purpose of being traded;
(c) it is expected to be realized within twelve months after the reporting date; or
(d) it is Cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.

All other assets shall be classified as ‘non-current’.
Based on the above definition, on the face of the Balance Sheet, the following items shall be disclosed under non-current assets: -
(a) Fixed Assets
(i) Tangible assets;
(ii) Intangible assets;
(iii) Capital work-in-progress;
(iv) Intangible assets under development
(b) Non-current investments
(c) Deferred tax assets (net)
(d) Long-term loans and advances
(e) Other non-current assets

Source: https://kb.icai.org/pdfs/PDFFile5b27859a90bfc7.83429474.pdf

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
16 June 2026
Sr. Associate / Assistant Manager | TAS / FDD

Boutique Investment Bank & Transaction Advisory Firm

Gurgaon

CA

View Details
Company
22 June 2026
Accountant

Global Image Technologies Private Limited

New Delhi

MBA

View Details
Company
Featured 15 June 2026
Senior Auditor

N. Dhawan & Co

New Delhi

CA Inter

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 24 June 2026
ARTICLE ASSISTANT

BHUPINDER SHAH AND COMPANY

New Delhi

CA Inter

View Details
Company
25 June 2026
Accounts & Taxation Executive

Dindukurthy & Associates

Hyderabad

MBA

View Details
Company
20 June 2026
Assistant Accounts Manager

Fintax Professionals

Gurgaon

CA Inter

View Details