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Answer (B) is correct . If an enterprise intends to refinance short-term obligations on a long-term basis and demonstrates an ability to consummate the refinancing, the obligations should be excluded from current liabilities and classified as noncurrent. The ability to consummate the refinancing may be demonstrated by a post-balance-sheet-date issuance of a long-term obligation or equity securities, or by entering into a financing agreement that meets certain criteria. These criteria are that the agreement does not expire within 1 year, it is noncancelable by the lender, no violation of the agreement exists at the balance sheet date, and the lender is financially capable of honoring the agreement.

Answer (A) is incorrect because The amount excluded cannot exceed the amount available for refinancing.
Answer (C) is incorrect because The correct accounting treatment does not depend on changes in ratios.
Answer (D) is incorrect because The refinancing need not have occurred if the firm intends and demonstrates an ability to consummate such refinancing.