Which of the following statements related to U .S. GAAP and FRS is incorrect? IFRS balance sheets normally present noncurrent items first. U.S. GAAP does not require Items to be separated by current and noncurrent classifications on the balance sheet. U.S. GAAP balance sheets report current items first. Both U S GAAP and IFRS prepare the same four financial statements. Both U.S GAAP and IFRS include guidance for adjusting entries