Difference between revisions of "Current Assets"
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'''Current Assets'''. They are valuable assets (resources or property) of an organization that will be turned into cash within one year, or used up in the operation of the organization within one year. | '''Current Assets'''. They are valuable assets (resources or property) of an organization that will be turned into cash within one year, or used up in the operation of the organization within one year. | ||
| − | They include | + | More specifically, current assets are assets that are:<ref>IAS 1.66</ref> |
| + | * expected to be realised in the entity's normal operating cycle | ||
| + | * held primarily for the purpose of trading | ||
| + | * expected to be realised within 12 months after the reporting period cash and | ||
| + | * cash equivalents (unless restricted). | ||
| + | |||
| + | |||
| + | They include indicatively: | ||
* [[Cash]] | * [[Cash]] | ||
* [[Government Bonds]] | * [[Government Bonds]] | ||
* Marketable [[Securities]] and notes | * Marketable [[Securities]] and notes | ||
| − | * [[Accounts Receivable]] | + | * [[Accounts Receivable]], Trade Receivables, Advances to Suppliers |
* [[Inventory]], and | * [[Inventory]], and | ||
* prepaid expenses. | * prepaid expenses. | ||
| − | [[Category: | + | == Usage == |
| + | * [[Statement of Financial Position]] | ||
| + | |||
| + | |||
| + | The identification of current assets and in particular the comparison with [[Current Liabilities]] provides information about the [[Liquidity]] profile of a firm over the corresponding annual period. | ||
| + | |||
| + | == See Also == | ||
| + | * [[Non-current Assets]] | ||
| + | * [[Current Liabilities]] | ||
| + | * [[Working Capital]] | ||
| + | |||
| + | == References == | ||
| + | <references/> | ||
| + | |||
| + | == XBRL Properties == | ||
| + | * IFRS Prefix: ifrs-smes | ||
| + | * Element Name: Current assets [abstract] | ||
| + | * Common Initials: | ||
| + | * Element Type and Attributes: Aggregate | ||
| + | * [[Accounts Hierarchy Structure | Hierarchy Level]]: 2 | ||
| + | * IFRS References: | ||
| + | |||
| + | |||
| + | [[Category:Balance Sheet Balances]] | ||
| + | [[Category:XBRL]] | ||
Latest revision as of 21:41, 27 May 2021
Definition
Current Assets. They are valuable assets (resources or property) of an organization that will be turned into cash within one year, or used up in the operation of the organization within one year.
More specifically, current assets are assets that are:[1]
- expected to be realised in the entity's normal operating cycle
- held primarily for the purpose of trading
- expected to be realised within 12 months after the reporting period cash and
- cash equivalents (unless restricted).
They include indicatively:
- Cash
- Government Bonds
- Marketable Securities and notes
- Accounts Receivable, Trade Receivables, Advances to Suppliers
- Inventory, and
- prepaid expenses.
Usage
The identification of current assets and in particular the comparison with Current Liabilities provides information about the Liquidity profile of a firm over the corresponding annual period.
See Also
References
- ↑ IAS 1.66
XBRL Properties
- IFRS Prefix: ifrs-smes
- Element Name: Current assets [abstract]
- Common Initials:
- Element Type and Attributes: Aggregate
- Hierarchy Level: 2
- IFRS References:
