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What is the issue in this transaction between IFRS and ASPE

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Question - Bank Loan with the First Bank of Canada: The total outstanding balance of $93,434 is due in full on January 15, 2021. Jack has left the total balance as long-term as at the December 31 year end because on January 3, 2021, he was able to renegotiate the loan on a long-term basis. Jack has provided you with a copy of a non-cancellable agreement to refinance the debt as January 3, 2021.

Required - What is the issue in this transaction between IFRS and ASPE. Which concept should be followed IFRS or ASPE and provide journal entries.

Reference no: EM132890335

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