Which of the following statements related to U.S. GAAP and IFRS is not true?

Multiple Choice

• Both U.S. GAAP and IFRS include guidance for adjusting entries.

• Both U.S. GAAP and IFRS prepare the same four financial statements.

• 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.

• IFRS balance sheets normally present noncurrent items first.