Current and non-current assets and liabilities

Question 1

What is the distinction between current and non-current based on?

Answer 1

Timing

Question 2

Current Assets

Answer 2

If the economic benefits (asset) or outflow of resources (liability) are expected to be realised in the next reporting period

Question 3

Non-Current

Answer 3

If economic benefits (asset) our outflow of resources (liability) are expected beyond the next reporting period