Q3. The balance sheet for Tomkins plc, a British company, is presented as follows.

a. Identify at least three differences in balance sheet reporting between British and U.S. firms, as shown in Tomkins balance sheet.

b. Review Tomkins balance sheet and identify how the format of this financial statement provides useful information, as illustrated in the chapter.

Tomkins plc Consolidated Balance Sheet (amounts in millions) Non-current assets Goodwill Other intangible assets Property, plant and equipment Investments in associates Trade and other receivables Deferred tax assets Post-employment benefit surpluses 436.0 78.0 1,122.8 20.6 81.1 82.9 1.3 1,822.7 Current assets Inventories Trade and other receivables Income tax recoverable Available-for-sale investments Cash and cash equivalents 590.8 753.0 49.0 1.2 445.0 1,839.0 11.2 3,673.6 4.8 Assets held for sale Total assets Current liabilities Bank overdrafts Bank and other loans Obligations under finance leases Trade and other payables Income tax liabilities Provisions 11.2 1.0 677.6 15.2 100.3 810.1 6873 3.6 Non-current liabilities Bank and other loans Obligations under finance leases Trade and other payables Post-employment benefit obligations Deferred tax liabilities Income tax liabilities Provisions 27.1 343.5 25.3 79.5 19.2 1,185.5 1,995.6 1,678.0 Total liabilities Net assets Capital and reserves Ordinary share capital Share premium account Own shares Capital redemption reserve Currency translation reserve Available-for-sale reserve Accumulated deficit Shareholders' equity Minority interests Total equity Bank overdrafts Bank and other loans Obligations under finance leases Trade and other payables Income tax liabilities Provisions 79.6 799.2 (8.2) 921.8 (93.0) (0.9) (161.9) 1,536.6 141.4 1,678.0 4.8 11.2 1.0 677.6 15.2 100.3 810.1