Question: Which of the following is true of the classification of deferred tax assets and liabilities? Multiple choice question. U.S. GAAP requires firms to classify deferred tax assets or deferred tax liabilities according to the originating asset or liability. A separate noncurrent asset or liability is shown if all business is conducted in the United States. All deferred tax assets and liabilities are classified as noncurrent. All deferred tax assets and liabilities are classified as current.