The most important differences between British and American companies: British Companies American Companies Items In terms of balance sheet equation Assets equity + obligations = Assets obligations + property rights UK companies rank items on the financial position In terms of liquidity list from the lowest liquidity to the most liquid. In terms of allocations In terms of capital In terms of retained profits In terms of view of financial statements U.S. companies rank items on the financial position list from the most liquid to the least liquid. The ad hoc clause is recognized as a commitment in The ad hoc clause in the obligation was not the financial positionstatement. On the capital side of the financial center statement appears under the name of authorizedcapital. The account of retained profits may contain the calculation of the excess revaluation resulting from the use of the revaluationform. In addition to consolidated financial statements, British companies include the separate balance sheet of the parent company in their annual report. recognized in the Financial Position Statement (because the allocation clause is not recognized in U.S. GAAP). On the capital side of the financial center statement appears under the name of ordinary shares. In U.S. companies, the revaluation model may not be used because it uses U.S.GAAP. U.S. companies list consolidated financial statements only in their annual report. Required Summarize the table of differences betweenAmerican and British companies using your own language of no more than one page