Under IAS 1,if the Conditions Are Broken on Long Term

question 1

True/False

Under IAS 1,if the conditions are broken on long term debt it should immediately be classified as a current liability.

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Definitions:

Operation of Law

A situation where rights or responsibilities are transferred without the direct action of the parties, often through the effect of legal statutes or regulations.

Lapse of Time

Lapse of time refers to the expiration or running out of an established period, often resulting in the termination of a right or offer due to inaction within the specified timeframe.

Theory of Misrepresentation

A legal concept indicating that an agreement can be annulled if consent was obtained through false statements.

No Training

Indicates a situation or condition where education or instruction has not been provided.