Final answer:
Both IFRS and GAAP use the term "Share capital - ordinary" in the shareholders' equity section. Neither IFRS nor GAAP require listing current assets in reverse order of liquidity. Both IFRS and GAAP require the presentation of non-controlling interests in the equity section of the balance sheet. IFRS does not use the term "reserve" explicitly, but allows for the recognition of certain reserves, while GAAP uses the term "reserve" to refer to specific types of funds set aside by a company.
Step-by-step explanation:
Both IFRS (International Financial Reporting Standards) and GAAP (Generally Accepted Accounting Principles) have some similarities and differences in how they present financial information. Here are the answers to the given options:
A. Use "Share capital - ordinary" in the shareholders' equity section:
Both IFRS and GAAP use this term to represent the common shares issued by a company.
B. List current assets in reverse order of liquidity:
Neither IFRS nor GAAP require listing current assets in reverse order of liquidity. The order of presentation may vary between the two.
C. Require presentation of noncontrolling interests in the equity section of the balance sheet:
Both IFRS and GAAP require the presentation of noncontrolling interests separately in the equity section of the balance sheet.
D. Use the term "reserve":
IFRS does not use the term "reserve" explicitly, but it allows for the recognition of certain reserves. On the other hand, GAAP uses the term "reserve" to refer to specific types of funds set aside by a company.