Q.2 A company has taken a loan from a bank. The loan has to be repaid within nine months from the end of its reporting period Before the end of its reporting period Bank and the company entered into an agreement that the existing loan will be converted into a new loan to be repaid over a period of 5 years. 1. As per the provisions of IAS 1, how will you classify search loan in the statement of financial position of the company? 2. Will your answer be different if the agreement for the new loan is entered after the end reporting period? Explain.