Financial Reporting Problem The Procter & Gamble Company (p&g) Instructions: Use P&G's 2015 financial statements and the accompanying notes to answer the following questions. (a). Give two examples of where historical cost information is reported in P&G's financial statements. Give two examples of the use of fair value information reported in either the financial statements or related notes. (b). 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? (c). How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year?

You can find P&G annual reports by going to P&G website: www.pg.com:

Click investors Financial Reporting Annual Reports

- Please use 2015 Annual Report (PDF) to answer all the questions.

- Please do NOT simply copy and paste paragraphs from the annual report as your answer. Use your own words to interpret the information you identify, and relate your answer to our course materials as much as you can. This guideline applies to all annual report questions in this project.