Chapter 3, Problem 3.20Q

To determine

Balance sheet:

 This financial statement reports a company’s resources (assets) and claims of creditors (liabilities) and stockholders (stockholders’ equity) over those resources. The resources of the company are assets which include money contributed by stockholders and creditors. Hence, the main elements of the balance sheet are assets, liabilities, and stockholders’ equity.

To define: Two differences in balance sheet presentation between U.S GAAP (Generally accepted accounting principles) and IFRS (international financial reporting standards)