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

• A. IFRS requires liabilities to be presented based on their interest rates, while GAAP does not.
• B. GAAP and IFRS have identical rules for liability classification.
• C. GAAP and IFRS differ in the presentation order of liabilities and the treatment of convertible bonds.
• D. GAAP allows for more flexibility in liability presentation than IFRS.

Answer: (C)