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SPOTLIGHT ON IFRS and ASPE Topic ASPE IFRS Presentation of callable long- The debt can remain as long-term term debt (due to a violations debt if the company renegotiates the loan prior to releasing its financial of a debt covenant) statements. The debt must be reported as a current liability. Recognition of contingent liabilities Recognize the liability if the occurrence of the future event is “likely,” meaning that it is highly probable and also measurable. Recognize the liability if the occurrence of the future event is “probable,” meaning more likely than not and also measurable. This is a lower standard than under ASPE. Measurement of liabilities Generally measured at amortized cost using the effective-interest method or the straight-line method. Generally measured at amortized cost using only the effective-interest method.