Companies must disclose changes in accounting policies and the impact of these changes in the notes to their financial statements. Access the annual report (or financial statements) for cosmetics company L’Oréal for the year ended December 31, 2009, from its website (www.loreal.com).
Using the consolidated financial statements for L’Oreal, answer the following questions.
(a) List all changes in IFRS that L’Oreal identified in its notes to the financial statements. How were these changes in policies implemented? What was the impact on the company’s financial statements for the current and prior years, if any?
(b) Why has the company provided comparisons for four different dates for the Statement for the Financial Position?
(c) Describe any changes in presentation the company has reported.