Chapter 3, Problem 7CPA

To determine

Generally Accepted Accounting Principle (GAAP):

Generally Accepted Accounting Principle (GAAP) is a common set of accounting principles, standards, and procedures that the companies must follow at the time of preparation of the financial statements.

International Financial Reporting Standard (IFRS):

The IFRS is set up to bring a standard global language in accounting, so that the other firms across the globe can understand the accounting term of all other businesses.

To identify: The standard under which noncurrent assets must be reported before current assets in a balance sheet.