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Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124

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BuyFindarrow_forward

Financial Accounting

15th Edition
Carl Warren + 2 others
ISBN: 9781337272124
Textbook Problem
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IFRS Activity 1

Unilever Group is a global company that markets a wide variety of products, including Lever® soap, Breyer’s® ice cream, and Hellman’s® mayonnaise. A recent income statement and statement of comprehensive income for the Dutch company, Unilever Group, follow:

Chapter MJ, Problem 1IFRS, IFRS Activity 1
Unilever Group is a global company that markets a wide variety of products, , example  1

Chapter MJ, Problem 1IFRS, IFRS Activity 1
Unilever Group is a global company that markets a wide variety of products, , example  2

  1. a. What do you think is meant by “turnover”?
  2. b. How does Unilever’s income statement presentation differ significantly from that of Mornin’ Joe?
  3. c. How is the total for net finance costs presented differently from what typically would be found under U.S. GAAP?

(a)

To determine

Explain the meaning of ‘turnover’ reported in the consolidated income statement.

Explanation

Revenue: Revenue is the earnings from operations of a business. The operating activities are sale of goods and services, and rent revenue.

The term ‘turnover’ reported in the consolidated income statement refers to ‘sales’ or ‘revenue’...

(b)

To determine

Explain the differences in the presentation of income statement of Group U and MJ International

(c)

To determine

Explain the presentation of net finance costs’ subtotal at the top of the column than that would be presented under GAAP.

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