The following items are found in Bogdan Limited's financial statements: 

1. Interest expense (debit balance) 

2. Loss on restructuring of debt 

3. Mortgage payable (payable in full in five years) 

4. Debenture bonds payable (maturing in two years). The company breached the covenant during the year, which makes the amount payable immediately. After year end, before the issuance of the financial statements, the company obtained a waiver from the lender indicating it will not demand early repayment. 

5. Promissory notes payable (due in equal instalments over 10 years) 

6. Income bonds payable (due in one year) 

Instructions 

a. Indicate how each of these items should be classified in the financial statements under IFRS. Assume a multi-step format is used for the income statement. 

b. Assume instead that the company follows ASPE. Repeat part (a) for the items that would be classified differently.