Which of the following statements is true?
A) Refinanced long-term debt may be reported as long-term rather than current if the refinancing has been completed before the date of the financial statements, according to ASPE; and before the date of the issue of the SFP, according to IFRS.
B) Refinanced long-term debt may be reported as long-term rather than current if the refinancing has been completed before the date of the SFP, according to IFRS; and before the date of the issue of the financial statements, according to ASPE.
C) Refinanced long-term debt may be reported as long-term rather than current if the refinancing has been completed before the date of the financial statements, according to IFRS and ASPE.
D) Refinanced long-term debt may be reported as long-term rather than current if the refinancing has been completed before the issue of the financial statements, according to IFRS and ASPE.

Question

Quizplus · Accepted Answer

Under IFRS, refinanced debt can be classified as long-term if refinancing is completed before the date of the Statement of Financial Position (SFP). Under ASPE, it can be classified as long-term if refinancing is completed before the financial statements are issued.

Which of the Following Statements Is True