Question 2 0.5 pts Excel Limited has a loan liability that is expected to be settled before 30th June 20X1. Excel Limited's reporting period is from 1st July to 30 June. On 15th July 20X1, the accountant managed to renegotiate the terms of the loan and get the repayment date extended by three years. The financial statements for 30th June 20X1 were authorised by the board of directors on 20th August 20X1. How should this loan be classified or presented in the financial statements issued by Excel Limited? A non-current liability A current liability A provision A contingent liability Question 4 0.5 pts When can a non-Australian listed company that is required to comply with the Accounting Standards Issued by the International Accounting Standards Board (ASB) depart from the requirements of an International Financial Reporting Standard? When the cost of complying with the requirement of the standard outweighs the benefit of providing relevant and reliable information When the entity is no longer a going concem An entity cannot depart from the requirements of an International Standard issued by IASB If compliance with the standard would be so misleading that the financial statements cannot provide useful information to users, and the financial statements would no longer be fairly presented