Apple's Financial Statements

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This report concerns two companies, one being Apple Inc. and the other being Phillips NV. Apple's financial statements can be found online http://investing.money.msn.com/investments/stock-income-statement/?symbol=AAPL or from the Annual Report, the latest of which can be found here: http://investor.apple.com/secfiling.cfm?filingID=1193125-11-282113&CIK=320193 Phillips NV is a Dutch company. Perhaps the best source for financial statements is its latest annual report, which can be found here: http://www.newscenter.philips.com/main/corpcomms/resources/corporate/investor/ar2011/Annual_Report_English_2011.pdf As an American company listed on NASDAQ, Apple conforms to the American Generally Accepted Accounting Principles. Phillips NV is listed on the Amsterdam Stock Exchange, and is therefore obligated to use the IFRS method of presentation. In its latest annual report, Apple was audited by Ernst & Young. The audit was conducted "in accordance with the standards of the Public Company Accounting Oversight Board. The auditors note that "Apple, Inc. maintained, in all material respects, effective internal control over financial reporting as of September 24, 2011, based on the COSO criteria." The auditor for Phillips NV is KPMG. The audit is conducted in accordance with General Business Principles (GBP). The company is also noted to have complied with Section 404 of Sarbanes-Oxley, as Phillips is jointly listed on the New York Stock Exchange. The following table highlights

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