Question: The presentation of current and non-current liabilities in the statement of financial position (balance sheet):

1. is shown only on GAAP financial statements.
2. is shown on both a GAAP and an IFRS statement of financial position.
3. is always shown with current liabilities reported first in an IFRS statement of financial position.

(d)includes contingent liabilities under IFRS.

Balance sheet is the statement of assets and liabilities depicting the financial position at a particular point in time.

The presentation of current and non-current liabilities in the statement of financial position is shown on both a GAAP and an IFRS statement of financial position is correct.

In case of Generally Accepted Accounting Principles (GAAP), current assets are recorded first in the sheet. However, the sheet made under International Financial Reporting Standard (IFRS) starts with non-current assets.

Option (a): The presentation of current and non-current liabilities in the statement of financial position is shown only on GAAP financial statements is incorrect. Under Generally Accepted Accounting Principles (GAAP), the listing starts with the current assets while preparing sheet.

Option (c): The presentation of current and non-current liabilities in the statement of financial position is always shown with current liabilities reported first in an IFRS statement of financial position is incorrect. It is because under IFRS, the current assets are reported first while preparing sheet.

Option (d): The presentation of current and non-current liabilities in the statement of financial position includes contingent liabilities under IFRS is incorrect. It is because under IFRS, the statement of financial position shows the current and non-current assets and liabilities.

Therefore, options (a), (c) and (d) are incorrect.