Recast the two selected financial statements and present the statements following/in accordance with the US GAAP or
Question:
Recast the two selected financial statements and present the statements following/in accordance with the US GAAP or IFRS, depending upon the Option Choice which you choose, presentation-wise, as accurately as you can. (You do not need to restate any of the financial results for Ford or MB in this process--just work with the financial statement and results as presented.) Option #1: Daimler Benz Below is the Daimler Benz (MB)'s 2019 Annual Report prepared under IFRS: Daimler 2019 Annual ReportLinks to an external site. Pick any two of the financial statements: the consolidated balance sheet (statement of financial position), the consolidated income statement (statement of income or statement of comprehensive income), or the statement of cash flows for MB. Recast the two selected financial statements and present the statements following/in accordance with the US GAAP, presentation-wise, as accurately as you can (you do not need to restate any of the results for MB in this process just work with the results as presented). The recasted financial statements should be an Exhibit or Appendix to your paper. Describe in an appropriate level of detail the differences that resulted when you recasted your chosen financial statements from the IFRS to US GAAP, supported with references from the readings in this module or outside references, where appropriate.
Condensed Statement of Cash Flows | December 31st, 2019 | December 31st, 2018 |
In millions of Euros | ||
Cash and Cash Equivalents at beginning of period | 15853 | 12072 |
Profit before Income Taxes | 3830 | 10595 |
Depreciation and amortization/impairments | 7751 | 6305 |
Other non-cash expenses and income and gains/losses on disposals of assets | -737 | -1050 |
Change in operating Assets and Liabilities | ||
Inventories | 99 | -3850 |
Trade Receivables | -346 | -884 |
Trade Payables | -1625 | 1694 |
Receivables from financial services | -4464 | -10257 |
Vehicles on operating leases | -1156 | -1609 |
Other operating assets and liabilities | 5641 | 877 |
Dividends received from equity-method investments | 1202 | 1380 |
Income Taxes Paid | -2107 | -2858 |
Cash Used for/provided by operating activities | 7888 | 343 |
Additions to property, plant, and equipment and intangible assets | -10835 | -10701 |
Investments in and disposals of shareholdings | -1225 | -417 |
Acquisition and sales of marketable debt securities and similar investments | 1054 | 471 |
Other | 399 | 726 |
Cash used for investing activities | -10607 | -9921 |
Change in financing liabilities | 9404 | 17456 |
Dividends paid | -3740 | -4220 |
Other transactions with shareholders | -36 | -10 |
Internal Equity and financing transactions | 0 | 0 |
Cash used for/provided by financing activities | 5628 | 13226 |
Effect of foreign exchange rate changes on cash and cash equivalents | 121 | 133 |
Cash and cash equivalents at end of period | 18883 | 15853 |
Condensed statement of financial position | December 31st, 2019 | December 31st, 2018 |
In millions of euros | ||
Assets | ||
Intangible Assets | 15978 | 14801 |
Property, plant and equipment | 37143 | 30948 |
Equipment on operating lease | 51482 | 49476 |
Receivables from financial services | 103661 | 96740 |
Equity-method investments | 5949 | 4860 |
Inventories | 29757 | 29489 |
Trade Receivables | 12332 | 12586 |
Cash and cash equivalents | 18883 | 15853 |
Marketable debt securities and similar investments | 8655 | 9577 |
Thereof current | 7885 | 8855 |
Thereof non-current | 770 | 722 |
Other financial assets | 6083 | 5733 |
Other assets | 12515 | 11025 |
Assets held for sale | 0 | 531 |
Total Assets | 302438 | 281619 |
Equity and Liabilities | ||
Equity | 62841 | 66053 |
Provisions | 30652 | 22955 |
Financing liabilities | 161780 | 144902 |
Thereof current | 62601 | 56240 |
Thereof non-current | 99179 | 88662 |
Trade Payables | 12707 | 14185 |
Other financial liabilities | 9864 | 10032 |
Contract and refund liabilities | 13631 | 12519 |
Other liabilities | 10963 | 10761 |
Liabilities held for sale | 0 | 212 |
Total Equities and Liabilities | 302438 | 281619 |