Assets and liabilities are presented in a different order on a balance sheet prepared following IFRS than on a balance sheet prepared following U.S.GAAP.

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Under IFRS, assets are listed in order of liquidity, while under U.S. GAAP, assets are typically listed in order of decreasing liquidity. Liabilities are also presented differently, with current liabilities listed before long-term liabilities under IFRS, while under U.S. GAAP, current and long-term liabilities are often listed together without distinction.

Assets and Liabilities Are Presented in a Different Order on a Balance