Standards and Framework – Financial Statements

Refer to the most recent of P&G’s financial statements (attached) and the accompanying notes to address the following questions and topics:

  1. Using the notes to the consolidated financial statements, determine P&G’s revenue recognition policies. Discuss the impact of trade promotions on P&G’s financial statements.
  2. Give two examples in which historical cost information is reported in P&G’s financial statements and related notes. Give two examples of the use of fair value information reported in either the financial statements or related notes.
  3. How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year?
  4. What is P&G’s accounting policy related to advertising? What accounting principle does P&G follow regarding accounting for advertising? Where are advertising expenses reported in the financial statements?

Your well-written paper must be two to three pages in length

short narrative about the topic with citations, in addition to the title and reference pages, and be formatted according to the APA requirement