Jonathan Atwood, a student from England, shows you the following balance sheet 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 Britsh statment 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.

Group 31 December Company 31 December 2015 2014 2015 2014 NOTES Em Em Em Em Fixed Assets 13 14 15 16.8 25.2 938.9 1,299.5 1,155.1 955.7 304.0 3074 978.8 822.5 16.2 679.3 695.5 16.7 Current Assets 16 17 328.2 334.8 5 118.0 54. 548.2 1134 210.8 33.3 23.5 626-727-118.5 57.4 234.3 9737 85 1,062.9 Creditors: amounts falling due within one year 18 136.3 133.7) (175.0 (74.6) (825.9 (809.2984) (234.7) 100.7308 1549) (75.0) 620.5 Other 1907 Total assets less current liabilities...... . . . .. Other Liabilities Creditors: amounts falling due after more 1,400.2 1,185.9 800.8 than one year 18 407.9) (3814) 54.2 (804) (8.5) (264) (42.1) (96.4) (115.5) 0.51.2 (516.3) 5054)(80.1) (121.3) 499.2 (12.0) Other Provisions for liabilities and charges 19 20 .. . . . . . . .. 8829-08- 680.5 Capital and Reserves 21 174.7 381.6 173.6 174.7 173.6 2174381.6 2174 95.8 115.8 767.9 1160 0720.7 883.9 36.7 167.6 62.0 595.3 720.7 107.1 499.2 85.2499.2