Firms that use International Financial Reporting Standards (IFRS) may, but need not list their assets from least liquid to most liquid, with the same ordering used to list liabilities.

Question

Quizplus · Accepted Answer

Under IFRS, firms have the option to present their assets and liabilities in order of liquidity, but it is not a requirement. This contrasts with other accounting standards that might mandate a specific order of presentation.

Firms That Use International Financial Reporting Standards (IFRS) May, but Need