Multiple Choice
When a company has debt coming due and wants to refinance and classify the debt as a long-term liability rather than paying for it currently with cash:
A) U.S.GAAP requires the debt be refinanced by the balance sheet date and IFRS requires that the company have intent to refinance on a long-term basis.
B) U.S.GAAP requires that the company have intent to refinance the debt on a long-term basis and IFRS requires the debt be refinanced by the balance sheet date.
C) U.S.GAAP requires that the company have intent and ability to refinance the debt on a long-term basis and IFRS requires the debt be refinanced by the balance sheet date.
D) U.S.GAAP requires the debt be refinanced within 60 days of the balance sheet date and IFRS requires the debt be refinanced by within 30 days of the balance sheet date.
Correct Answer:
Verified
Correct Answer:
Verified
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