Page "Current liability" Paragraph 2

Bonds, mortgages and loans that are payable over a term exceeding one year would be fixed liabilities or long-term liabilities.

However, the payments due on the long-term loans in the current fiscal year could be considered current liabilities if the amounts were material.

Amounts due to lenders / bankers are never shown as accounts payable / trade accounts payable, but will show up on the balance sheet of a company under the major heading of current liabilites, and often under the sub-heading of other current liabilites, instead of accounts payable, which are due to vendors.

Other current liabilites are due for payment according to the terms of the loan agreements, but when lender liabilites are shown as current vs. long term, they are due within the current fiscal year or earlier.

Therefore late payments from a previous fiscal year will carry over into the same position on the balance sheet as current liabilities which are not late in payment.

There may be footnotes in audited financial statements regarding past due payments to lenders, but this is not common practice.

Lawsuits regarding loans payable are required to be shown on audited financial statements, but this is not necessarily common accounting practice.