Acompany has outstanding accounts payable of $30,000 and a short-term construction loan in the amount of $100,000 at year end. the loan was refinanced through issuance of long-term bonds after year end but before issuance of financial statements. how should these liabilities be recorded in the balance sheet?

Explanation:

Accounts payable is included in the current liability according to international financial reporting standards (IFRS). Although the construction loan was actually payable at year-end, if the company has both the willingness and ability to refinance with long-term debt, the $100,000 construction loan may be included at year-end in long-term liabilities. Therefore, current liabilities of $30,000 and long-term liabilities of $100,000 should be reported on the balance sheet.

The extracts of the statement of financial positions are given below:

Non-current liabilities:

Refinanced loan $100,000

Current liabilities:

Accounts payable $ 30,000

the correct answer is:

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