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Why classifying current and non-current liability important

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In 2007, the Centro Group had incorrectly classified about $2 billion of short-term liabilities as non-current. As a result, a fine of $30,000 was imposed on Centro's former CEO, Andrew Scott, and a two-year management disqualification was ordered on former CFO, Romano Nenna.

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Problem 1: Explain why classifying current and non-current liabilities is so important to a business?

Reference no: EM132786725

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