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3.1 |
Current versus non-current classification |
The Company presents assets and liabilities in the balance sheets based on current and non-current classification. An asset as current when it is:
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Expected to be realized or intended to be sold or consumed in the normal operating cycle; |
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Held primarily for the purpose of trading; |
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Expected to be realized within twelve months after the reporting period; or |
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Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. |
All other assets are classified as non-current.
A liability is current when:
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It is expected to be settled in a normal operating cycle; |
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It is held primarily for the purpose of trading; |
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It is due to be settled within twelve months after the reporting period; or |
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There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. |
The Company classifies all other liabilities as non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.