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US GAAP COMPARISON Comparative statements are generally accepted but not required by US GAAP.Debt for which there has been a covenant violation may be classified as non-current, if there is a lender agreement to waive the right to demand repayment for more than one year and that agreement exists before the financial statements are issued or available to be issued.The SEC calls for display of a total for current assets and a total for current liabilities, where appropriate, and public companies must comply with the detailed layout requirements of Regulation S-X.Non-current debt that matures within one year can be classified as non-current if the entity has the intent and ability to refinance the obligation on a long-term basis.

US GAAP COMPARISON
Comparative statements are generally accepted but not required by US GAAP. The
SEC requires balance sheets for two years. The balance sheet is usually presented in order
of liquidity from most or current to least or non-current. This is usually the opposite of
the order found under IFRS. US GAAP contains captions for long-term assets and long-
term liabilities. The SEC calls for display of a total for current assets and a total for current
liabilities, where appropriate, and public companies must comply with the detailed layout
requirements of Regulation S-X.
Non-current debt that matures within one year can be classified as non-current if the
entity has the intent and ability to refinance the obligation on a long-term basis. Evidence
of intent includes:
• Entering into a refinancing agreement for a term of greater than one year, completed
before the financial statements are issued or available to be issued; or
• Issuing long-term debt or equity with the purpose of refinancing the short-term debt
before the financial statements are issued or available to be issued.
Debt for which there has been a covenant violation may be classified as non-current, if
there is a lender agreement to waive the right to demand repayment for more than one year
and that agreement exists before the financial statements are issued or available to be issued.
Current portions of deferred tax assets and liabilities must be shown as current. The
term “reserve” is discouraged in US GAAP.