On February 20, 2016, Dell corp. refinanced one debt (liability). The original due date of...
50.1K
Verified Solution
Link Copied!
Question
Accounting
On February 20, 2016, Dell corp. refinanced one debt (liability). The original due date of this debt was July 1, 2016, but the new date for this debt after refinancing is July 1, 2020.
The financial statement date for this company was December 31, 2015. The 2015 financial statement was issued on March 1, 2016.
Questions:
Under U.S. GAAP, is this debt classified current or noncurrent liability in 2015 balance sheet?
Under U.S. GAAP, is this debt classified current or noncurrent liability in 2016 balance sheet?
Under IFRS, is this debt classified current or noncurrent liability in 2015 balance sheet?
Under IFRS, is this debt classified current or noncurrent liability in 2016 balance sheet?
1/1/2015 12/31/2015 2/20/2016 3/1/2016 Financial Statement Date Refinancing Date Financial Statement Issue Date 1/1/2015 12/31/2015 2/20/2016 3/1/2016 Financial Statement Date Refinancing Date Financial Statement Issue Date
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
