The classified balance sheet is
A) required under GAAP but not under IFRS.
B) required under IFRS in the same format as under GAAP.
C) required under IFRS but not under GAAP.
D) required under IFRS with certain variations in format as compared to GAAP.

Question

Quizplus · Accepted Answer

The classified balance sheet is required under both GAAP and IFRS, but there are variations in format between the two standards. Under IFRS, the balance sheet must include a minimum of two years of comparative information, and the order of the assets and liabilities may be presented differently than under GAAP. Additionally, IFRS requires companies to disclose information about their accounting policies and any significant estimates made in preparing the financial statements.

The Classified Balance Sheet Is