Public companies must, by law, publish their financial statements every year. For an example, look at Appendix A ofIntermediate Accounting. There, you will find the complete 2007 financial statements and supplementary data of the Coca-Cola Company. For this weeks first Discussion, you will find, analyze, and discuss another public companys financial statements. Select any public company and go to their website. Locate the companys most recently filed financial statements (i.e. 10K or 10Q) and then look up Note 1 in those statements. This note summarizes the significant accounting policies of the company. Refer to the Business and Significant Accounting Policies section of the Annual 10K and Quarterly 10Q report. Select two of the accounting principles in the report. PostbyDay 3at least 200 words answering the following question:

• Did the company implement any new accounting standards during the year?
• If so, which ones did it implement? What was the impact of those changes? In other words, how did those new standards affect the companys bottom line?
• If not, do you think there are any standards issued during the reporting period that they should have implemented? Why?