Jonathan Atwood, a student from England, shows you the following balance sheet from his father's British company.

Question:

Jonathan Atwood, a student from England, shows you the following from his father's British company. Jonathan knows that you are studying accounting and asks you to look at the statement. You immediately recognize some differences between this statement and the ones you have been studying in your textbook.

1. Identify the differences that exist between this British statement and those prepared using the standards and conventions of the United States.
2. Evaluate the differences, identifying strengths and weaknesses of each nation's approach?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...