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B291: TMA – FALL 2018-2019
Criteria for Grade Distribution:
Criteria Content Using E-library & Referencing Structure and Presentation of ideas Total marks
Financial Reporting on the Internet: Philips
Marks 100 (5) (5) 100
The TMA Questions
Financial Reporting on the Internet
(Case study: Philips)
The internet is a good place to get information that is useful to you in your study of accounting. For example, you can find information about current events, professional accounting organizations, and specific companies that may support your study.
Philips is a Dutch multinational technology company headquartered in Amsterdam currently focused in the area of healthcare. It was founded in Eindhoven in 1891, by Gerard Philips and his father Frederik. It was once one of the largest electronic conglomerates in the world and currently employs around 105,000 people across 60 countries.
You can directly access the annual report on the below link:
https://www.philips.com/a-w/about/in...l-reports.html
Download 2017 Annual report in PDF format.
Instructions
Use the 2017 Annual report of Philips to answer the following questions:
1- Stakeholders can affect or be affected by the organization's actions, objectives and policies. Discuss at least two types of stakeholders and give examples from the Philips annual report to justify your answer. Also explain the reason of their interest in the financial statements.
2- As you learned in Unit 1, Session 3, the major environmental factors impacting on an organization can be grouped under four headings: political/legal, economic, social/demographic and technological (PEST analysis). Giving examples from the annual report, discuss the impact of each of the elements in the PEST analysis on Philips.
3- In which category of users or stakeholders do you think the following fit from the Philips Annual report 2017?
a. Frans Van Houten
b. Audit & Risk committee
c. Ernts & Young LLP
d. Apollo Global Management LLC
4- 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 and Identify the depreciation methods used by Philips.
5- In preparing financial statements in accordance with IFRS, there are certain accounting policies that may require a judgment or estimation in their application. Give examples of Philips estimates and assumptions reported in consolidated financial statements.
6- It is important to classify the expenditure separately in the field of accounting because of their nature of expenditure as revenue and capital expenditures. Identify the difference between revenue expenditure and capital expenditure and provide the example from Annual report of Philips for capital expenditure.
7- The going concern concept is a fundamental principle of accounting. Explain why the going concern basis is important in understanding Philips financial statement; Support your answer with evidence from Philips annual report.
8- There are different basis approaches to valuing inventory that are allowed by GAAP, explain the principal’s methods of valuation required by IAS2 inventories, provide some evidence from annual report of Philips.
9- Recovery of receivables are not always definite, sometimes debtors are unable to pay in time. Explain the concept of allowances for irrecoverable receivable and analyze the Philips allowances for receivables information given in annual report.
10- Revenue recognition is a generally accepted accounting principle (GAAP) that determines the specific conditions in which revenue is recognized or accounted for. Classify the revenue recognition method(s) used by Philips as discussed in annual report. Explain the rationale underlying the appropriateness of methods used by Philips.
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