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Question - When a loan covenant in a long-term obligation is violated, what is the primary difference between US GAAP and IFRS when determining whether the loan will retain its long-term classification?
A. To retain its long-term classification, US GAAP requires the waiver to be received before year-end, while IFRS requires the waiver to be received before the financial statements are issued.
B. There is no difference because both require the company to receive a waiver from the bank before year end for the loan to retain its long-term classification.
C. There is no difference because both require the company to receive a waiver from the bank before the financial statements are issued for the loan to retain its long-term classification.
D. To retain its long-term classification, US GAAP requires the waiver to be received before the financial statements are issued, while IFRS requires the waiver to be received before year-end.
financial statements are based on generally accepted accountingprinciples gaap and audited by cpa firm so do investors
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