Philips Annual Report 2020 | Philips Results

5. The going concern concept is a fundamental principle of accounting. Explain why the going concern basis is important in understanding Philips financial statement; Support your answer with evidence from Philips annual report. [Marks (Words): 10(100)] * There are different basis approaches to valuing inventory that are allowed by GAAP, explain the principal's methods of valuation required by IAS2 inventories, provide some evidence from annual report of Philips. [Marks (Words): 10(100)] - Recovery of receivables are not always definite, sometimes debtors are unable to pay in time. Explain the concept of allowances for irrecoverable receivable and analyze the Philips allowances for receivables information given in annual report [Marks (Words): 10(100)] 10- Revenue recognition is a generally accepted accounting principle (GAAP) that determines the specific conditions in which revenue is recognized or accounted for. Classify the revenue recognition method(s) used by Philips as discussed in annual report. Explain the rationale underlying the appropriateness of methods used by Philips. [Marks (Words): 10(100) Total Marks = 100 In your answer, you should explain each point or inquire separately. Use the following headings (below) to make up the different sections of your work: Cover The PT3 form (available on LMS Contents Title and contents page TMA Financial Reporting on the Internet (Case study: Philips) References. Recorded according to the Harvard shle - tvailable on LMS