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Three or more years. In the context of accounting, more than 1 year.

Long Term

Describing a plan, strategy, security, or anything else with a term of longer than one year. The exact number of years varies according to the usage. For example, a long term financial plan outlines investment and other financial goals for any time more than one fiscal year, while a long term bond has a maturity of 10 or more years. Anything long term involves more uncertainty than anything short term because, generally speaking, market trends are more easily predictable in the short term. Thus, while planning for the long term is necessary, one's plan must be flexible to account for its inherent uncertainty.


1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. See also holding period.
2. Of or relating to a liability for which a long period of time (usually one year) remains until payment of the face amount comes due. A long-term bond is a long-term liability.