Question: Using the below Please answer question A and B a. Under U.S. GAAP, the balance sheet equation is defined as Assets = Liabilities + Shareholders

Using the below Please answer question A and B

a. Under U.S. GAAP, the balance sheet equation is defined as Assets = Liabilities + Shareholders Equity.

Describe how the balance sheet equation is defined under IFRS. Does the IFRS definition of the balance

sheet equation change the informational content of the consolidated sheet?

b. Under U.S. GAAP, current assets and current liabilities are listed before noncurrent assets and noncur-

rent liabilities. Describe the listing sequence of LVMHs assets and liabilities. Does the listing sequence

impact the informational content of the consolidated balance sheet?

Using the below Please answer question A and B a. Under U.S.

CINCOM LVMH GROUP Condensed Consolidated Financial Statements Consolidated Income Statement ( millions, except for earnings per share) Notes 2018 201701x2) 201601) 23 37,600 (13,039) 46,826 (15,625) 31,201 (17,755) (3,466) 23 24,561 (14,607) (2,931) 3 7 42,636 (14,783) 27,853 (16,395) (3,162) (3) 8,293 (180) 8,113 (137) 78 23-24 25 Revenue. Cost of sales. Gross margin Marketing and selling expenses. General and administrative expenses Income (loss) from joint ventures and associates Profit from recurring operations. Other operating income and expenses. Operating profit Cost of net financial debt .. Other financial income and expenses Net financial income (expense). Income taxes Net profit before minority interests Minority interests Net profit, Group share 10,003 (126) 9,877 (117) (271) 7,026 (122) 6,904 (133) (185) (318) (2,133) 4,453 (387) 4,066 26 27 (388) (2,499) 6,990 (636) 6,354 (59) (2,214) 5,840 (475) 17 5,365 28 Basic Group share of net earnings per share (EUR)..... Number of shares on which the calculation is based Diluted Group share of net earnings per share (EUR) Number of shares on which the calculation is based. 12.64 502,825,461 12.61 503,918,140 10.68 502,412,694 10.64 504,010,291 8.08 502,911,125 8.06 504,640,459 28 (1) The financial statements as of December 31, 2017 and December 31, 2016 have been restated to reflect the retrospective application with effect from January 1, 2016 of IFRS 9 Financial Instruments. See Note 1.2. The financial statements as of December 31, 2017 have been restated to reflect the definitive allocation of the purchase price of Christian Dior Can Can

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