My client has a short term loan due within one year to fund a new building, which will be converted to a mortgage after the work has been signed off by the contractor. At the year end the work was not quite complete and the loan was not converted until shortly after the year end into a long term mortgage. My client does not wish to show at their year end all of the loan in current liabilities, is there any way we could show this as long term by using the true and fair override? or are we left with it all in short term with a post balance sheet event note instead
11th Jul 2018
2
Conversion of short term loan to long term
Conversion date and true and fair