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Problem 1- The process of determining the monetary amount at which the elements of the financial statements are to be included in the balance sheet and income statement is called measurement. The IASB Framework includes the four bases of measurement. Explain these four bases of measurement with example. Identify that which measurement bases is used by PHILIPS in preparing their financial statements?
Problem 2- IAS 16 Property, plant and equipment identifies and describes two different models of accounting for tangible non-current assets. Discuss the importance of these two models for PHILIPS and describe the depreciation methods used by PHILIPS.
Problem 3- Balance sheet can be prepared in vertical, net asset and horizontal format. What is the difference between these formats? Which format has been adopted by PHILIPS and what is the underlying assumption? Provide evidence from annual report.
Attachment:- Philips.zip
Financial Statement Analysis and Preparation
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