n. Considering IFRSs, which of the following statements would be considered false?

1. IFRSs do not require a standard format for the balance sheet.

2. With IFRSs, usually nonconcurrent assets are presented first, followed by current assets.

3. Under IFRS for liabilities and owners' equity, capital and listed reserves are usually listed first, then noncurrent liabilities, and then current liabilities last.

4. The reserves section of capital and reserves would not be part of U.S. GAAP.

5. All of these items would be considered to be true.

o. Considering IFRSs, which of the following statements would be considered false?

1. When using IFRSs, local laws or securities regulations may specify disclosures in addition to those required by IFRSs.

2. IAS introduced a number of terminology changes. The new titles for the financial statements are not mandatory.

3. The IFRS model consolidated balance sheet, as presented by Deloitte Touche, puts an emphasis on liquidity.

4. Under IFRS, noncontrolling interests are usually presented as the last item in total equity.

5. None of these statements would be considered false.