Rileys Roosters, Inc. (RRI) has a December 31 year-end. As of June 30, 2015, RRI obtains a $100,000 loan from a bank for a new chicken coop facility. The loan is due in 24 months. In December 2015, RRI spends too much of its cash on its holiday party and incurs a debt covenant violation as of December 31, 2015. As a result of the violation, the loan becomes due within 30 days. At this time, RRI asks the bank to waive the violation. RRI tells the bank it will recoup some of the cash by selling the leftover holiday party favors on eBay. On January 5, 2016, the bank agrees to waive the violation. RRI issues its financial statements on January 25, 2016.

How should this loan be classified (current or non-current) on RRIs balance sheet as of December 31, 2016 using US GAAP and IFRS? ANSWER: