International Reporting Case Presented below is the balance sheet (statement of financial position) for Nordstrom, Inc. (USA).

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.

Transcribed Image Text:

(in millions) Assets Current assets: Cash and cash equivalents February 2, 2013 January 28, 2012 $1,285 $1,877 Accounts receivable, net 2,129 2,033 Merchandise inventories 1,360 1,148 Current deferred tax assets, net 227 220 Prepaid expenses and other 80 282 Total current assets $5,081 $5,560 Land, buildings and equipment, net Goodwill 2,579 175 2,469 175 Other assets Total assets 254 $8,089 287 $8,491 Liabilities and Shareholders' Equity Current liabilities: Accounts payable $1,011 $ 917 Accrued salaries, wages and related benefits 404 388 Other current liabilities 804 764 Current portion of long-term debt 7 506 Total current liabilities $2,226 $2,575 Long-term debt, net 3,124 3,141 485 500 341 319 Deferred property incentives, net Other liabilities Commitments and contingencies Shareholders' equity: Common stock, no par value: 1,000 shares authorized 197.0 and 207.6 shares issued and outstanding 1,645 1,484 Retained earnings 315 517 Accumulated other comprehensive loss (47) (45) Total shareholders' equity 1,913 1,956 Total liabilities and shareholders' equity $8,089 $8,491