Revised Schedule VI has divided the assets and liabilities into two parts: current and non current
Current Asset: “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.”
In your case, it seems debtors are outstanding for more than 12 months (2 years old) so we could classify the same as non current assets.(Assumed that all other debtors are realised within 12 months from the financial closing date)
19 April 2012
Classification in Revised Schedule VI does not depend on how much period is outstanding rather than on within how much period, it will be realised. If u r sure enough that the amount will be realised within 12 months or operating cycle, then group the same in Trade Receivable under current assets, else group it under other non current assets.
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