Which of the following is stated correctly?

(a) Current liabilities follow non-current liabilities on the statement of fi nancial position under GAAP but non-current liabilities follow current liabilities under IFRS.

(b) IFRS does not treat debt modifi cations as extinguishments of debt.

(c) Bond issuance costs are recorded as a reduction of the carrying value of the debt under GAAP but are recorded as an asset and amortized to expense over the term of the debt under IFRS.

(d) Under GAAP, bonds payable is recorded at the face amount and any premium or discount is recorded in a separate account. Under IFRS, bonds payable is recorded at the carrying value so no separate premium or discount accounts are used.