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As discussed in FSP 2, a reporting entity should consider the ASC Master Glossary definition of current liabilities in preparing a classified balance sheet.

Definition from ASC Master Glossary

Current liabilities: Current liabilities is used principally to designate obligations whose liquidation is reasonably expected to require the use of existing resources properly classifiable as current assets, or the creation of other current liabilities.

The discussion in this chapter does not address current versus noncurrent classification. Each reporting entity should consider their facts and circumstances in light of the ASC definition when determining how to classify liabilities in their financial statements.
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