30 March 2012
Hi, overdue instalments of long term loans should be classified as Current liability as per revised sch VI. can anyone tell me why the disclosure of period & amount of defaults is required under Non current laibilities? logically the disclosure shd be required under Current liabilities.
Disclosure is required to made under Non current liability this is beacuse default is in relation to long term loan and since the disclosure does not affect the classification of items. hence, hence, It was not made necessary to show the default of interest separately under current liab.
31 March 2012
Long term liability is already shown under non current liability, the interest which is overdue on the above will be classified under current liability. but for the disclosure purpose you will have to disclose default in making payment under non current only.
CAclubindia
