25 million euros) was released to the income statement (recoveries) for inventory provisions taken in earlier years."
a. Is Unilever a manufacturer or a retailer, and how do you know?
b. Does Unilever use the FIFO or LIFO inventory assumption, and how do you know?
c. What is an inventory write-down and an inventory recovery? Record the entries made by
Unilever at the end of 2008 for the write-down and recovery.
d. How would Unilever's accounting have been different if it used U.S. GAAP instead of IFRS?