Reclassification of Current Assets and Liabilities

[Former Member]

Dear All,

As per IFRS, we need to reclassify the Current Assets and Liabilities into Non-current. However, to do the same, we are required to do Due Date Analysis on GL Line Items. Unlike sub-ledger, GL Account postings do not have due date. It only has value date. Thus, if I need to do the due date analysis, how should I go about it.

Thanks in advance,

Shalin Shah

[raheem_baksh]

Dear,

You can access the following link

Regards

Raheem

[paresh_vanjara]

Hi,

Can you share article as link is broken.

Regards,

Paresh

[Former Member]

Dear Shalin Shah:

May I just ask why do you need to reclassify the current assets and liabilities into non-current? Should it be the other way around?

I believe this is common for payables and receivables. You should have set up two GL accounts, one for current and one for non-current. Due dates are essential for you to identify which accounts/amounts are due in a year or more than a year. I hope this helps.

Regards,

Salvia

[Former Member]

I dont think that Due date analysis and open item analysis are applicable to GL. those were only for AP and AR.