Which of the following statements regarding balance sheet presentation is true?

1. IFRS does not prescribe the ordering of liabilities within current and noncurrent groups.
2. The account format lists liabilities and shareholders' equity directly below the assets.
3. The report format lists liabilities and shareholders' equity on the right side of the statement.
4. U.S. GAAP allows assets to be listed in either increasing or decreasing order of liquidity.