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The rules that govern balance sheet presentation are intended to aid comparability between reporting entities. Among other areas, reporting entities should consider the number of reporting periods presented, as well as chronology. While most reporting entities present the balance sheet in order of liquidity (i.e., starting with the most liquid asset, which is cash for most companies), there is no specific ordering requirement within US GAAP. Certain assets may be presented with more prominence depending on their relative importance to the industry (e.g., property, plant, and equipment in the public utilities industry).
Reporting entities should also consider whether individually significant account balances may warrant further disaggregation, classified balance sheet requirements, and the impact of the entity’s operating cycle on classification.

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