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 LOral for the year ended December 31, 2009, from its website (www loreal com) Instructions Using...

a In note 1 LOreal details the changes in accounting policies during the year as follows Consolidated financial statements have been prepared in accordance with the IFRS standard adopted by the EU on ...

Companies must disclose changes in accounting policies and the impact of these changes in the notes to

Question:

Companies must disclose changes in accounting policies and the impact of these changes in the notes to their Access the annual report (or for cosmetics company L’Oréal for the year ended December 31, 2009, from its website (www.loreal.com).
Instructions
Using the consolidated for L’Oreal, answer the following questions.
(a) List all changes in IFRS that L’Oreal identified in its notes to the How were these changes in policies implemented? What was the impact on the company’s 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.
Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...