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How would liability be reported on a properly classified

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Commercial Drive Limited (CDL) an IFRS reporting company, at December 31, 2019 year end has $1,000,000 in debt due in 2025. On January 28, 2020, before the 2019 financial statements were formally issued, CDL's auditors identified that a working capital ratio requirement included in the debt agreement had not been met for much of 2019. Management immediately contacted the lender who provided a written waiver relieving CDL of this requirement for 2019 only.

Problem 1: How, with explanation, would this liability be reported on a properly classified Statement of Financial Position as at December 31, 2019?

Reference no: EM132809429

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