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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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Obtain LVMH (Moet Hennessy 2 Louis Vuitton)’s 2017 annual report using the “Investor Relations” portion of its website (do a web search for Moet Hennessy 2 Louis Vuitton investor relations).

Required:

  1. 1. Did LVMH report any changes in accounting principle or estimate in 2017? If so, describe the reason for the change and the how LVMH accounted for this change.
  2. 2. What is LVMH’s policy regarding the use of estimates?

1.

To determine

Indicate whether Corporation LV reported any changes in 2017, and mention the reason for change in accounting principle.

Explanation

Accounting changes: When a company requires to sacrifice the consistent accounting methods and procedures, to enhance the usefulness and relevance of the accounting information, those changes are referred to as accounting changes. Such inevitable accounting changes decrease the comparability and consistency of accounting information...

2.

To determine

Indicate the policies used by Corporation LV regarding the use of accounting estimates.

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