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Balance sheet format, terminology, and accounting methods. Exhibit 4.4 presents the balance sheet of Paul Loren Company for Years 10 and 9. This balance sheet uses the terminology, EXHIBIT 4.4 format, and accounting methods of U.S. GAAP, and Paul Loren reports results in millions of U.S. dollars. (Adapted from the financial statements of Polo Ralph Lauren.) In addition to the items reported in Paul Loren’s balance sheet, assume the following hypothetical information is available to you: ■ In Year 10 Paul Loren revalued a building with an acquisition cost of $200 million downward, to its current fair value of $182 million. ■ In Year 10 Paul Loren wrote up the value of inventory, with a carrying value of $135 million, to its fair value of $165 million. ■ Included in commitments and contingencies for Year 10 is a lawsuit filed against Paul Loren for breach of contract. Paul Loren estimates the following range of outcomes for this lawsuit: 70% chance of damages of $100 million, 20% chance of damages of $500 million, and 10% chance of damages of $1 billion. a. Prepare a balance sheet for Paul Loren for Year 10, following the format, terminology, and accounting methods required by U.S. GAAP. Ignore any income tax effects of any revisions to reported amounts. b. How, if at all, would your answer to part a differ if Paul Loren used IFRS?
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