Included in Cellin Limited’s December 31, 2014 trial balance are the following accounts:
Accounts Payable ......... $251,000;
Obligations Under Capital Leases . $175,000;
Discount on Bonds Payable ..... $142,000;
Unearned Revenue ....... $141 ,000;
Bonds Payable ......... $600,000;
Salaries and Wages Payable ...... $127,000;
Interest Payable ......... $42,000;
Income Tax Payable ......... $9,000;
Notes Payable . $97,000 (due on March 31, 2015).
On January 31, 2015, Cellin finalized refinancing of the notes payable with a new note payable due on March 31, 2016. The financial statements were issued on February 28, 2015.
(a) Prepare the current liabilities section of the statement of financial position if Cellin prepares financial statements in accordance with IFRS, and identify which items are monetary.
(b) Explain how your answer to pan (a) would be different if Cellin prepares financial statements in accordance with ASPE.