9-54 Liabilities on the Balance Sheet-IFRS OBJECTIVES 1, 2ArcelorMittal, headquartered in Luxembourg, is the largest steel producer in the world. It reports using IFRS. Following are items from the company's December 31, 2010, balance sheet (in millions of U.S. dollars): $2,037 19,292 6,716 1,738 54,344 13,256 7,180 Liabilities held for sale and distribution Long term debt, net of current portion Short-term debt and current portion of long.term debt Long-term provisions Property, plant, and equipment Trade accounts payable and other Deferred employee benefits Total noncurrent liabilities Trade accounts receivable Short-term provisions Other long-term obligations Total current liabilities Inventories Deferred tax liabilities Accrued expenses and other liabilities Income tax liabilities Total liabilities 5,725 1,343 1,865 30,723 19,583 4,006 6,900 471 64,804 Prepare the liabilities section of ArcelorMittal's balance sheet. Classify liabilities into current and noncurrent portions. Omit items that are not liabilities. Include the appropriate number for total noncurrent liabilities. OBJECTIYF 1