The following balance sheet (prepared according to IFRS) was taken from the 2012 annual report of GlaxoSmithKline,
Question:
The following balance sheet (prepared according to IFRS) was taken from the 2012 annual report of GlaxoSmithKline, a British pharmaceutical company (British pounds in millions).
Approved by the Board on 5 March 2013
Sir Christopher Gent
Chairman
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.
Transcribed Image Text:
Consolidated balance sheet as at 31 December 2012 2012 Em 2011 Em NON-CURRENT ASSETS Property, plant, and equipment Goodwil Other intangible assets Investments in associates and joint ventures Other investments Deferred tax assets Derivative financial instruments Other non-current assets Total non-current assets CURRENT ASSETS Inventories 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 CURRENT LIABILITIES Short-term borrowings Trade and other payables Derivative financial instruments Current tax payable Short-tem provisions Total current liabilities NON-CURRENT LIABILITIES Long-term borrowings Deferred tax liabilities 4,359 10,161 579 787 2,385 8,748 3,754 7,802 560 2,849 85 525 24,913 682 27,783 3,969 103 5,242 3,873 5,576 184 25 4,184 64 13,692 41,475 665 16,167 41.080 (3,631) (8,054) (7,359) 643 135) (15,01 32 (14,671) (12,203) Pensions and other post-employment benefits Other provisions Derivative financial instruments Other non-current liabilities Total non-current liabilitie:s Total liabilities Net assets EQUITY Share capital Share premium account Retained earnings Other reserves (3,091) 29 (699) (499) (17,243) 728 6,747 8,827 2,022 652 1,787 5,810 937 6,747 1,673 3,370 1,602 8,032 795 8.827 34 34 Shareholders equity Non-controlling interests Total equity
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