Liabilities payable within the coming year are classified as long-term liabilities if refinancing is completed before date of issuance of the financial statements under:
A)U.S.GAAP.
B)IFRS.
C)Either U.S.GAAP and IFRS.
D)Neither U.S.GAAP and IFRS.

Question

Quizplus · Accepted Answer

Under U.S. GAAP, liabilities can be classified as long-term if they are refinanced before the issuance of the financial statements.

Liabilities Payable Within the Coming Year Are Classified as Long-Term