The following balance sheet (prepared according to IFRS) was taken from the 2008 annual report of GlaxoSmithKline, a British pharmaceutical company (British pounds in millions).

REQUIRED: Identify where the format of this balance sheet differs from that required under U.S. GAAP, and prepare a balance sheet as close as possible in accordance with U.S.GAAP.

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GlaxoSmithKine Consolidated Balance Sheet at 31st December 2008 2008 2007 Notes Em £m NON-CURRENT ASSETS Property, plant and equipment Goodwill 17 18 9,678 2,101 5,869 552 478 2,760 107 7,821 1370 4,456 329 Other intangible assets Investments in associates and joint ventures Other investments Deferred tax assets Derivative financial instruments 19 20 517 2.196 14 41 22 Otber non-current assets 579 687 17.377 Total non-current assets 22,124 2008 £m 2007 £m Notes CURRENT ASSETS Inventories 23 4,056 3,062 58 5,495 Current tax recoverable Trade and other receivables Derivative financial instruments Liquid investments Cash and cash equivalents Assets held for sale Total current assets Total assets 14 76 6,265 856 391 5,623 24 41 475 1,153 3,379 32 25 26 17.269 39,393 13,626 31,003 CURRENT LIABILITIES 32 27 Short-term borrowings Trade and other payables Derivative financial instruments Current tax payable Short-term provisions Total current liabilities (956) (3.504) (4,861) (262) (826) (6,075) (752) (780) 41 14 (892) (10,345) 29 (1,454) (10,017)