For U. S. GAAP reporters, when a long-term obligation becomes payable within the next year, it should be reclassified as a current liability if it will be paid with current assets or the creation of another current liability.

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Under U.S. GAAP, a long-term obligation that becomes due within the next year should be reclassified as a current liability if it is expected to be settled using current assets or by incurring another current liability.

For U S GAAP Reporters, When a Long-Term Obligation Becomes Payable Within