Accounting concepts U.S. GAAP: The debt could be classified as non-current, if the debtor receives a waiver or cure of the debt covenant violation prior to the issuance of the financial statements. IFRS: The debt would be classified as current as there were two debt covenant violations at year-end and the debtor could accelerate immediate payment at that date. Additionally, there was no waiver or cure received prior to or by year-end. Anyone understand this to explain in simpler way?