Robert Company is planning to refinance a loan that is due during 2018. On January 25, 2018, the loan is refinanced with a 5-year note. Which of the following is correct with respect to the classification of the liability on the company's December 31, 2017 balance sheet?
Multiple choice question.
The liability should be classified as current under IFRS and as noncurrent under U.S. GAAP.
The liability should be classified as current under both U.S. GAAP and IFRS.
The liability should be classified as current under U.S. GAAP and as noncurrent under IFRS.