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Acct 551 Course Project Week 7

In: Business and Management

Submitted By nzwillia
Words 1380
Pages 6
Nisan Williams
10/22/2014
Acct 551 Week 7 Course Project
The Proctor & Gamble Company (P&G)

Note 1

SIGNIFICANT ACCOUNTING POLICIES

Identifying significant accounting policies helps Proctor & Gamble to interpret its financial statements and facilitate better financial presentation of its franchise.

The Nature of company’s operations The Proctor & Gamble Company (the “Company”, “we” or “us”) provides over 300 branded consumer products in more than 160 countries. Their billion-dollar and half billion-dollar brands are amongst the strongest on the world and are segmented into Fabric and Home Care, Baby and Family Care, Beauty Care, Health Care and Snacks and Beverages. Their products can be found

Basis of presentation

The consolidated financial statements are between the company and its controlled subsidiaries.

Estimates use

The U.S GAAP requires that the managers conduct estimates and assumptions when preparing the financial statements. This should be in conformity with the principles accounting that the company uses. The estimates are based on the knowledge that the management has on the current and future actions that the company may undertake. Estimates are required for accounting the, consumer promotion accruals, stock options, the benefits obtained in pension and post-employment schemes, intangible assets valuation, depreciation usefulness, tax assets deferred, among others. The estimates may differ from the actual value of the financial statement although management doesn’t believe in such differences.

The recognition of revenue

When revenue has been earned through the sales of the products, then the sales are recognized. Most of the transactions depicted in revenue represent the sales inventory. The net of sales and other governmental taxes collected is represented or provided the by recorded revenue. In this, the policy

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