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To the carrying amounts of assets and liabilities

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to the carrying amounts of assets and liabilities within the next financial year. Comparative prior-period information must be presented and financial statements must be prepared annually. Current/non-current classification for assets and liabilities is normally required. In general, post-financial statement events are not considered in classifying items as current or noncurrent. Differences include (1) IFRS statements may report property, plant, and equipment first in the statement of financial position. Some companies report the sub-total “net assets”, which equals total assets minus total liabilities. (2) While the use of the term “reserve” is discouraged in U.S. GAAP, there is no such prohibition in IFRS.
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  • Spring '08
  • JCEasterwood
  • Balance Sheet, ........., Generally Accepted Accounting Principles

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