How should long-term debt be reported if it matures within one year and the company has arranged, before its current year end, to convert the debt into shares? as non-current and accompanied with a note explaining the method to be used in its liquidation as non-current as a current liability in a special section between liabilities and shareholders' equity Under ASPE, in a troubled debt restructuring in which the debt is continued with modified terms and the carrying amount of the debt is less than the total future cash flows. an extraordinary gain should be recognized by the debtor. a new effective interest rate must be calculated. a gain should be recognized by the debtor. no interest expense or revenue should be recognized in the future. Which of the following statements is correct? IFRS requires the effective interest method to be used to amortize bond premiums and discounts; ASPE permits either the effective interest method or the straight-line mothod. ASPE requires the effective interest method to be used to amortize bond premiums and discounts; IFRS permits either the effective interest method or the straight-line method. Both IFRS and ASPE require the effective interest method to be used to amortize bond premiums and discounts. Both IFRS and ASPE permit either the effective interest method or the straight-line method to be used to amortize bond