what is the difference between current and noncurrent assets 
current assets are considered short term assets because they generally are convertible to cash within a firm s fiscal year and are the resources that a company needs to run its day to day operations typically they are reported on the balance sheet at their current or market price noncurrent assets can be viewed as investments required for the long term needs of a business for which the full value will not be realized within the accounting year they are typically highly illiquid meaning these assets cannot easily be converted into cash and are capitalized for accounting purposes 