Which of the following statements is FALSE?

Under IFRS, a company may exclude a short$-$term obligation from current liabilities if at statement of financial postion date

the entity expects to refinance under an existing agreement for at least a year, and the decision is solely at its discretion.

Federal income taxes withheld from employees' payroll cheques should berecorded as a long$-$term liability.

Under the cash basis method, warranty costs are charged to expense as they are paid.

Cash dividends should be recorded as a liability when they are declared by the board of directors.