Question

Hello!

I have a question regarding accounting 101 for a group project, I need to find the financial statements for JcPenney for the fiscal year of 2019.

So far, when I look up the financial statements for 2019, all I seem to find are NON-GAAP financial reports for the company's fiscal year of 2019.

I need GAAP financial reports for JcPenny and the statements I need are: Income statement, Statement of stockholders' equity, balance sheet, and statement of cash flow.

The issue that I have when I do look up the company's financial statement is, it seems that they only post the non-GAAP statements.

Can someone with experience looking up GAAP financial statements help me with this issue?

Thanks for the help!

Answer 1

Firstly I start with the difference of US GAAP and NON US GAAP(IFRS)

• GAAP, also referred to as US GAAP, is an acronym for Generally Accepted Accounting Principles. This set of guidelines is set by the Financial Accounting Standards Board (FASB) and adhered to by most US companies.
• IFRS stands for International Financial Reporting Standards. These principles are dictated by the International Accounting Standards Board (IASB) and followed in many countries outside the US.

1. The Balance Sheet

The way a balance sheet is formatted is different in the US than in other countries. Under GAAP, current assets are listed first, while a sheet prepared under IFRS begins with non-current assets.

The two standards also dictate different approaches to ordering categories on the balance sheet. GAAP calls for accounts to be listed in the order of liquidity—or how quickly and easily they can be converted to cash. The items are arranged in descending order (most liquid to least liquid): current assets, non-current assets, current liabilities, non-current liabilities, and owners’ equity.

Under IFRS, the order is reversed (least liquid to most liquid): non-current assets, current assets, owners’ equity, non-current liabilities, and current liabilities.

2. The Cash Flow Statement

A company’s cash flow statement is also prepared differently under GAAP and IFRS. This is most acutely seen in how interest and dividends are classified.

GAAP prescribes that interest paid and interest received should be classified as operating activities, while international standards are a bit more flexible. Under IFRS, a firm can choose its own policy for classifying interest based on what it considers to be appropriate. Interest paid can be placed in either the operating or financing section of the cash flow statement, and interest received in the operating or investing sections.

The same goes for dividends. GAAP specifies that dividends paid be accounted for in the financing section, and dividends received in the operating section. When following IFRS standards, companies have a choice of how they categorize dividends. Dividends paid can be put in either the operating or financing section, and dividends received in the operating or investing section.

To summarize, here’s a detailed breakdown of how the two standards differ in their treatment of interest and dividends.

For More Clearity I have Prepared a chart for You -

Now for Difference in Financail statement i am putting the Financial disclosure of IFRS and US GAAP

Diiference in Disclosure of NON current and Current