The following is the balance sheet (statement of financial position) for Nordstrom, Inc. (USA). Instructions a. Identify
Question:
Instructions
a. Identify at least three differences in statement of financial position reporting between IFRS and U.S. GAAP, as shown in Nordstrom's balance sheet.
b. Review Nordstrom's balance sheet and identify how the format of this financial statement provides useful information, as illustrated in the chapter.
Nordstrom, Inc. Consolidated Balance Sheets (in millions) January 30, 2016 January 31, 2015 Assets Current assets: Cash and cash equivalents $595 $827 Accounts receivable, net 196 2,306 1,733 Merchandise inventories 1,945 Current de ferred taxassets, net 256 Prepaid expenses and other 278 102 Total current assets 3,014 5,224 3,340 Land, buildings and equipment, net 3,735 Goodwill 435 435 Other assets 514 246 Total assets S7,698 $9,245 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $1,324 $1,328 Accrued salaries, wages and related benefits 416 416 Other current liabilities 1,161 1,048 Current portion of long-term debt 10 8 Total current liabilities 2,911 2,800 Long-term debt, net 2,795 3,123 Deferred property incentives, net 540 510 Other liabilities 581 372 Commitments and contingencies (Note 12) Shareholders' equity. 2,338 Common stock, no par value: 1,000 shares authorized 173.5 and 190.1 shares issued and outstanding 2,539 (Accumulated deficit) Retained earnings (1,610) 166 (64) Accumulated other comprehensive loss (58) Total shareholders' equity 2,440 871 $7,698 Total liabilities and shareholders' equity $9,245
Step by Step Answer:
a Some of the differences are 1 Report form and subtotals Nordstrom uses a modified report form but ...View the full answer
Intermediate Accounting IFRS
ISBN: 978-1119372936
3rd edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield
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