IFRS and U.S. GAAP are relatively similar with respect to current liabilities and contingencies. Relatively minor differences relate to when financing must be in place for a liability expected to be refinanced to be classified as long term. Also, with respect to contingent losses, IFRS defines "probable" at a lower threshold, requires the accrual of the expected value of loss, and requires the use of present values when measuring amounts to be accrued. Contingent gains are not accrued under U.S. GAAP, but are accrued under IFRS when they are considered to be virtually certain to occur. Which of the following statements about the classification of obligations expected to be refinanced? (Select all that apply.) Check All That Apply Under IFRS, liabilities payable within the coming year are classified as long-term liabilities only if refinancing is completed before the balance sheet date. Under IFRS, liabilities payable within the coming year cannot be classified as long-term liabilities even if refinancing is completed before the balance sheet date. Under U.S. GAAP, liabilities payable within the coming year are classified as long-term liabilities if refinancing is completed before the date of issuance of the financial statements. Under U.S. GAAP, liabilities payable within the coming year cannot be classified as long-term liabilities even if refinancing is completed before the date of issuance of the financial statements