26.When a loan covenant in along-term obligationis 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 receivedbefore year-end, while IFRS requires the waiver to be receivedbefore the financial statements are issued.

B. There is no difference because both require the company toreceive a waiver from the bankbefore year endfor the loan to retain itslong-term classification.

C. There is no difference because both require the company to receive a waiver from the bankbefore 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 receivedbefore year-end.