SABMiller PLC was formed when U.S.-based Miller Brewing Company merged with South African Breweries in 2002. SABMiller

Question:

SABMiller PLC was formed when U.S.-based Miller Brewing Company merged with South African Breweries in 2002. SABMiller uses IFRS in preparing its financial statements. The following is taken from the March 31, 2010, consolidated of SABMiller PLC:

Required:
Describe the content of each of the line items presented using accounting terminology commonly used in the United States.

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...