(Balance Sheet Classification of Various Liabilities) The following items are to be reported on a balance sheet.

1. Accrued vacation pay
2. Income tax instalments paid in excess of the income tax liability on the year's income
3. Service-type warranties issued on appliances sold
4. A bank overdraft, with no other accounts at the same financial institution
5. Employee payroll deductions unremitted
6. Accrued but unpaid bonus to officer
7. A deposit received from a customer to guarantee performance of a contract
8. Sales tax payable
9. Gift certificates sold to customers but not yet redeemed
10. Premium offers outstanding
11. A royalty fee owing on units produced
12. Travel advances given to sales employees for future business trips
13. Current maturities of long-term debts to be paid from current assets
14. Cash dividends declared but unpaid
15. Dividends in arrears on preferred shares
16. Loans from officers
17. HST collected on sales, in excess of HST paid on purchases
18. An asset retirement obligation
19. The portion of a credit facility that has been used

Instructions

a. How would each of the above items be reported on the balance sheet according to ASPE? If you identify an item as a liability, indicate whether or not it is a financial liability.

b. Would your classification of any of the above items change if they were reported on an SFP prepared according to IFRS?