GAAP requires that a company report certain obligations due on demand within one year (or operating cycle,

Question:

requires that a company report certain obligations due on demand within one year (or operating cycle, if longer) as current liabilities. Do you agree with this statement? Explain.

GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...