Which of the following statements is not true about liabilities?

By Anthony
1 Min Read

Which of the following statements is INCORRECT?

As per Schedule Ill, a liability should be classified as current when the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date
As per Schedule Ill, a liability should be classified as current when it is expected to be settled in the company’s normal operating cycle
As per Schedule III, a liability should be classified as current when it is held primarily for the purpose of being traded.
As per Schedule III, a liability should be classified as current when it is due to be settled within eighteen months after the reporting date.

Option 4 :As per Schedule III, a liability should be classified as current when it is due to be settled within eighteen months after the reporting date.