Which of the following statements about the balance sheet is correct? Multiple Choice Balance sheets prepared under IFRS must now be titled "statement of financial position." International standards specify a minimum list of items to be presented in the balance sheet U.S. GAAP has no minimum requirements. International standards specify a minimum list of items to be presented in the balance sheet, U.S. GAAP has no minimum requirements Most balance sheets prepared using IFRS report current items first. U.S. GAAP and IFRS require the presentation of current assets and liabilities before noncurrent assets and liabilities on the balance sheet