Which of the following features is typical of a balance sheet prepared under IFRS?
A) A shareholders' equity section often is not included.
B) Assets often are listed after liabilities.
C) Long-term items often are listed before current items.
D) Assets sometimes do not equal liabilities plus shareholders' equity.

Question

Quizplus · Accepted Answer

Under IFRS, long-term items are typically listed before current items on the balance sheet. This is in contrast to the typical format of a balance sheet prepared under US GAAP, where current items are listed before long-term items.

Answer: D 
 Under IFRS, assets and liabilities are required to balance on the balance sheet, with shareholders' equity included as a residual amount. However, there may be some circumstances where assets do not equal liabilities plus shareholders' equity due to certain adjustments and revaluations allowed under IFRS.

Which of the Following Features Is Typical of a Balance