The boards propose to further disaggregate assets and liabilities within each category into short-term and long-term based on a one-year time frame that would replace the current distinction between current and non current assets and liabilities that uses a one year or the operating cycle criterion. Assets and liabilities presented within each section would be further analyzed as short-tem and long-term, unless presenting assets and liabilities in order of liquidity would provide more relevant information. In a presentation based on liquidity, an entity should present its assets and liabilities in increasing or decreasing order of