Herzog SE has a long-term debt with a maturity date of November 2, 2020. On October 10,

Question:

Herzog SE has a long-term debt with a date of November 2, 2020. On October 10, 2018, it breaches a covenant related to this debt and the loan becomes due on demand. Herzog reaches an agreement with the lender on January 5, 2019, to provide a waiver of the breach. The financial statement reporting date is December 31, 2018, and the are authorized for issue on March 16, 2019. Explain whether the debt obligation should be classified as current or non-current.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Maturity
Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...