Current portion of long term debt is the portion of term loans due within the next 12 months. A term loan is a loan that carries a maturity that exceeds one year. The non-current portion is listed below the current liability section. Like all promissory notes listed on the balance sheet, it includes the principal amount only. Any interest due is listed as an accrual.
Term loans are fundamentally different from notes payable.
Fixed Assets Non-current Liabilities. Non-current liabilities are those obligations that will not become due and payable in the coming year. Contingent Liabilities Non current portion of long term debt is the principal portion of a term loan not payable in the coming year. Subordinated officer loans are treated as an item that lies between debt and equity. Contingent liabilities listed in the footnotes are potential liabilities, which hopefully never become due.