Under IFRS, even if the entity plans to refinance long term debt, the current portion must be reported as a current liability UNLESS
A)long term financing has been completed after the statement of financial position date, but
Before the financial statements are released.
B)management intends to refinance the debt on a long-term basis.
C)at statement of financial position date, the entity expects to refinance under an existing
Agreement for at least a year, and the decision is solely at its discretion.
D)management intends to discharge the debt by issuing shares.

Question

Quizplus · Accepted Answer

Under IFRS, a current liability can be classified as non-current if the entity has the discretion to refinance the obligation for at least a year under an existing agreement at the statement of financial position date.

Under IFRS, Even If the Entity Plans to Refinance Long