What are the differences between current and non current liabilities?

• Distinction between current and non-current classification is based on timing
• If the economic benefits (of asset) or outflow of resources (for liability) are expected to be realised in the next reporting period, the asset or liability is categorised as current
• If economic benefits (of asset) or outflow of resources (of liability) are expected beyond next the reporting period, the classification is non-current

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