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Should the fixed deposits with maturity of more than 3 months be classified under cash and cash equivalents, if the remaining maturity is below 3 months as of reporting date? As the asset can be liquidated within 3 months of the reporting period, ideally it should be under cash and cash equivalents right?
The standard does not look at a specific length of time. It defines it as short-term, highly liquid investments that are readily convertible for cash. If the above meets that definition then it is a cash equivalent.