Cal. Code Regs. tit. 2 § 1041.5
Current through Register 2024 Notice Reg. No. 41, October 11, 2024
Asset and liability accounts are grouped in current and long-term sections. A current asset is one normally convertible to cash, or a cash equivalent benefit, within twelve months. Other assets are labelled long-term, or a special category of long-term, i.e., deferred charges, etc. Similarly, current liabilities are those which will become due and payable within twelve months.
Cal. Code Regs. Tit. 2, § 1041.5