After considering comments on a previous proposal for improving balance sheet debt classification, FASB issued a reproposal on the issue Thursday.. FASB is attempting to improve guidance used to determine whether debt should be classified as a current or noncurrent liability on a classified balance sheet. Budgeted balance sheet… This budget is prepared using the asset, liability and owner’s equity accounts. If GST payable (on GST collected) is > GST input tax credits (on GST paid), the net GST payable is shown as a current liability. If GST payable (on GST collected) is <GST input tax credits (on GST paid), the net GST input tax Like assets, liabilities are divided into two broad categories on the accounting balance sheet: current liabilities and noncurrent liabilities. Current Liabilities, or short-term liabilities, are those liabilities that are expected to be paid within one year. Examples are accounts payable, current portions of long-term debt, and short term notes payable. Current vs Noncurrent Liabilities. Liabilities are included on a company’s balance sheet to offset any assets, and are broken down into two classifications: current and noncurrent debts. Typically, these liabilities consist of money that a company owes to others for various business-related investments or loans.