Access Philips Company website and download: the annual report for $2021.$ Note: this file is available at: Philips Company prepared its consolidated financial statements in accordance with the International Financial Reporting Standards $($IFRS$),$ as mentioned in its annual report. Assuming that it was not mentioned in the annual report that the company is following IFRS; provide evidence from annual report $($related to course subjects studied$)$ that indicate that the company is following IFRS and not following GAAP?

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