Skip to main content

New York Codes, Rules and Regulations


Section 441.79 - Current liability


441.79 Current liability. A short-term debt, regardless of its source, including any liability accrued and deferred and unearned revenue that is to be paid out of current assets or is to be transferred to income within one year. The currently maturing portion of long-term debt is thus classified unless it is to be paid from a sinking fund or other noncurrent asset source.