The boards propose too 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 noncurrent assets and liabilities that uses one year or the operating cycle criterion. Assets and liabilities presented within each section would be further analyzed as short-term 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