Non-current liability is a liability not due to be paid within 12 months during the normal course of business. Non-current liabilities are also called long-term liabilities. In accounting, non-current liabilities are shown on the right wing of the balance sheet representing the sources of funds, which are generally bounded in form of capital assets.
Non-current liabilities include (according to the IFRS):
- Non-current provisions for employee benefits
- Other long-term provisions
- Trade and other non-current payables
- Deferred tax liabilities
- Other long-term financial liabilities
- Other non-current non-financial liabilities
All liabilities are divided into non-current liabilities and current liabilities. Non-current liabilities often referred as long-terms debts.
Non-current liabilities are very important source of entity's long-tem financing (acquisition of fixed and other non-current assets).IFRS Taxonomy (XBRL) reference for non-current assets is "NoncurrentLiabilities"
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