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Consolidated Financial Statements

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Table of Content: Notes to Consolidated Financial Statements

1. Summary of Significant Accounting Policies Principles of Consolidation Description of the Company New Accounting Pronouncements Cash and Cash Equivalent Inventories Investments Property, Plant and Equipment and Depreciation Earnings per Share Revenue Recognition Research and Development Use of Estimates Income Taxes Annual Closing Date 2. Cash, Cash Equivalents and Current Marketable Securities 3. Inventories 4. Property, Plant and Equipment 5. Intangible Assets and Goodwill 6. Long-Term Liabilities 7. Income Taxes 8. Employee Related Obligations 9. Pensions and Other Benefit Plans 10. Merger and Acquisitions 11. Earnings per share 12. Rental Expense and Lease Commitments 13. Investments 14. Share-Based Compensation Plans 15. Recent Accounting Pronouncement 16. Subsequent Events

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ACCT551 Class Project Excerpts from 2009 Annual Report for the Procter & Gamble Company 1. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include the accounts of the Procter & Gamble Company and its subsidiaries (the “Company”, “we” or “us”). Intercompany transactions are eliminated. Description of the Company and Business Segments The Procter & Gamble Company’s business is focused on providing branded consumer goods products of superior quality and value. Our product are sold in more than 180 countries primarily through retail operations including mass merchandisers, grocery stores, membership club stores, drug stores, department stores, salons and high-frequency stores. We have on-the-ground operations in approximately 80 countries New Accounting Pronouncements Other than as described below, no new accounting pronouncement issued or effective during the fiscal…...

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