Under IAS 1, Presentation of Financial Statements, which of the following is NOT a definition of a current liability:
A. It is a liability that is expected to be settled in an entitys normal operating cycle.
B. It is a liability primarily held for the purpose of trading.
C. It is a liability that does not have the right to defer until 18 months after the balance sheet date.
D. It is a liability that is expected to be settled within 12 months of the balance sheet date.
Answer:C
Under IAS 1, Presentation of Financial Statements, which of the following is NOT a definition of a current liability:
A. It is a liability that is expected to be settled in an entitys normal operating cycle. B. It is a liability primarily held for the purpose of trading. C. It is a liability that does not have the right to defer until 18 months after the balance sheet date. D. It is a liability that is expected to be settled within 12 months of the balance sheet date.