reply to Balance statement variations in IFRS and U.S. GAAP The balance sheet structure of the United States is different in comparison to other nations. Non-current assets are listed first on a sheet prepared in accordance with IFRS, although current assets are reported first under GAAP. Different strategies for the category management of the balance sheet are also mandated by the two standards. According to GAAP, accounts must be grouped according to their liquidity, or how quickly and easily they may be turned into cash. In decreasing sequence of liquidation, current assets, non-current assets, current liabilities, non-current liabilities, and owners' equity are stated. Here they are listed in reverse order: Current assets, non-current obligations, owners' equity, and current liabilities (Lucchese & Carlo, 2020)