ABSTRACT
Note 1. Tangible fixed assets $ million Land and buildings, at cost 857 Equipment and furniture, etc., at cost 3 211
4 068 Less: accumulated depreciation 1 673 Net book value 2 395 Note 2. Intangibles Goodwill, at cost 2 062 Less: accumulated amortization 298 1 764
Other intangibles, at cost 792 Less: accumulated amortization 180
612 2 376
Note 3. Stocks Packaging material and ingredients 341 Finished goods and work-in-progress 988
1 329 Note 4. Debtors Trade debtors (net of provisions 18) 1 072 Prepayments, etc. 186
1 258 Note 5. Short-term borrowings Short-term borrowings 301 Long-term borrowings, due within one year 39
340 Note 6. Other creditors (current) Trade creditors 978 Accrued liabilities 685 Taxation 161
1 824 Note 7. Provisions for liabilities and charges Deferred taxation 291 Non-pension post-retirement benefits 210 Other 374
12.3 A common language? Can you identify the UK equivalents for each of the following US accounting terms? Answers are shown overleaf. (a) Accounts receivable (b) Common stock (c) Inventories (d) Income statement (e) Inc. (f) Current liabilities (g) Long-term debt (h) Accounts payable
12.4 Restating a UK balance sheet You will find the 1999 group balance sheet of BOC Group pic set out on page 275. Please attempt, on a separate sheet of paper, to restate this UK company’s balance sheet in the horizontal US format, using US terminology.
