Jackson Corporation has borrowed $2 million from a local bank under a long-term debt agreement whereby the loan has to be repaid in two years' time. The agreement was violated and the debt became payable on demand. As a result, the loan was reported as a current liability in Jackson's statement of financial position (SFP). Prior to the release of the statement, the bank agreed that it would not demand repayment. Assuming Jackson reports under IFRS, the loan