seremify007
Junior Member
Had to bump this old thread when I read it...
But guys, you realise he might be intending to sell the car within the next 12 months at that point in time right? Classification of Current/Non-current is dependent on expected realisation/settlement of the asset or liability as opposed to anticipated/estimated useful life of the asset. AASB 101, para 66 I think.
EDIT: If we wanted to be really nerdy we could argue that if he's holding shares as current assets, then that means he's more likely to have those shares held for trading under 139 and should be clearly labelled and disclosed as fair valued/held for trading. But that's a note 1 disclosure I suppose.
But guys, you realise he might be intending to sell the car within the next 12 months at that point in time right? Classification of Current/Non-current is dependent on expected realisation/settlement of the asset or liability as opposed to anticipated/estimated useful life of the asset. AASB 101, para 66 I think.
EDIT: If we wanted to be really nerdy we could argue that if he's holding shares as current assets, then that means he's more likely to have those shares held for trading under 139 and should be clearly labelled and disclosed as fair valued/held for trading. But that's a note 1 disclosure I suppose.
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