Synthesize the main differences in liability accounting between GAAP and IFRS.

• A. GAAP and IFRS have identical liability accounting rules.
• B. GAAP allows more flexibility in liability classification than IFRS.
• C. GAAP and IFRS differ in liability presentation order and convertible bond treatment.
• D. IFRS requires liabilities to be presented by interest rates, while GAAP does not.

Answer: (C)