Access the PHILIPS home page and download the annual report of PHILIPS 2019 or You can directly access the annual report on the below link:

https://www.results.Philips.com/publications/ar19And Download PHILIPS Annual reports and Accounts 2019.

Instructions

Use the 2019 Annual report of PHILIPS to answer the following questions:

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?

2- Explain why the going concern basis is important in understanding PHILIPS financial statement; Support your answer with evidence from PHILIPS annual report.

3- Write the summary on the financial position of Philips. Your summary should include the main financial data of the company.