The following items are found in a company's financial statements:
1. Interest expense (credit balance)
2. Gain on restructuring of debt
3. Mortgage payable (payable in equal amounts over the next three years)
4. Debenture bonds payable (maturing in five years)
5. Notes payable (due in four years)
6. Income bonds payable (due in three years)
Instructions
(a) Indicate how each of these items should be classified in the financial statements under IFRS.
(b) Assume instead that the company follows ASPE. Repeat part (a) for the items that would be classified differently.