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1023 |
Breach
of loan agreement
ias01-a08
Breach of long-term loan agreement
IAS1-pr74
If a loan becomes
payable on demand,
because a breach of long agreement,
reclassify the loan as current.
What
if the lender agrees not to demand the payment,
after the reporting period, but
before the financial statements authorisation?
The
loan is still reported as current.
Waiver after the reporting period is not considered.
U.S.
GAAP
Due
on demand loans
asc-470-10-45-11
If
a loan become callable because of loan agreement violation,
report the loan as current liabilities.
What
if the creditor waives the right to demand,
after the balance sheet, but
before the balance sheet is issued?
The
loan may be reclassified as non-current.
Waiver before the issuance of financial statements is considered.
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International Accounting
Standards (IAS)