The company should reclassify the long-term debt as a current liability in accordance with IFRS.
A legal responsibility is something that a person or organization owes, usually a financial obligation. Liabilities are resolved over time through the transfer of monetary benefits, such as cash, products, or services. Liabilities include loans, debts payable, mortgages, deferred income, bonds, warranties, and accumulated expenses. They are listed at the right side of the balance sheet. Property can be compared to liabilities. Liabilities are determined by what you owe or have borrowed, whereas property is what you own or is owing to you. A legal obligation is one that exists between one birthday celebration and any other that has passed but has been finished or paid for. A financial legal duty is also a responsibility in the accounting field; however, it is better articulated through earlier business transactions, events.
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