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3. (1 mark) Which of the following statements about reformulation is INCORRECT? A. We ignore the distinction between current and non-current assets in a reformulated

3. (1 mark) Which of the following statements about reformulation is INCORRECT? A. We ignore the distinction between current and non-current assets in a reformulated balance sheet B. Accounts payable is normally classified as an operating liability C. The foreign currency translation adjustment in the Statement of Cash Flows should be classified as part of Cash Flows Related to Debt Financing (F) D. In a properly reformulated Balance Sheet, NOA=CSE+NFO or NOA=CSE-NFA E. Share of profits or losses of equity-accounted investments should normally be classified as part of Core OI from Sales

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