All of the following statements are true except
A)U.S.standards do not require a classified balance sheet.
B)IFRS require companies to present classified balance sheets.
C)under IFRS,an unclassified balance sheet based on the order of liquidity is acceptable only when it provides more reliable information than a classified one.
D)U.S.standards require a classified balance sheet with liabilities in order by size or by order of liquidity.

Question

Quizplus · Accepted Answer

U.S. standards (GAAP) do require a classified balance sheet, but liabilities are typically ordered by liquidity, not by size.

All of the Following Statements Are True Except