Locate the 2007 financial statements for The Walt Disney Company on the Internet Once you have located these financial statements, consider the following questions 1 Review the income statement and related notes and determine whether the company had any accounting changes for any of the years repor...

1 As shown on the face of the income statement Disney reported a cumulative effect of accounting change in 2005 this accounting change related to the valuation of intangible assets other than goodwill ...

Locate the 2007 financial statements for The Walt Disney Company on the Internet. Once you have located

Question:

Locate the 2007 for The Walt Disney Company on the Internet. Once you have located these consider the following questions.
1. Review the income statement and related notes and determine whether the company had any accounting changes for any of the years reported. To what did those changes relate?
2. Briefly describe the nature of any changes identified in (1).
3. How large of an effect did the changes identified in (1) have on Disney’s EPS?
4. Did any of the changes identified in (1) have associated cash flow effects?

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...