Running head: DISCLOSURE ANALYSIS
In accordance of the public company Accounting oversight Board(united States) The consolidated financial statement of Exxon Mobil corporation as of on 5/6/2008. In this disclosure of analysis paper we will look in to disclosure contain within note to the financial statement for related cash and cash equivalent, receivable and inventories
share of the Summery of accounting policies and practice The Company accounting and financial reorting fairly reflect business model involving extracting, refining and marketing and hydro9coation based prpoduct. Preparation of this financial statement accordance with U.S Generally Accepted Accounting principle. 1. the accounts of subsidiaries owned directly or indirectly with more than 50 percent of the voting rights held by the Corporation and for which those other shareholders do not possess the right to participate in significant management Summary of Accounting Policies Financial Statements include
Principles of Consolidation. The Consolidated decisions. They also include the Corporation’s undivided interest in certain upstream assets and liabilities.
The functional currency for translating the account of the majority of downstream and chemical operation out side the United States is local currency. Revenue associates with sales of crude, natural gas, petroleum and chemical product are recognized when product are delivered and title passes to the customer
Inventories associates with sales pf crude oil products and merchandise are carried at the lower Market price or cost last in first out (method LIFO)
Notes to condensed consolidated financial statement
Fair value Measurements Effective January 2008, Corporation adopted financial accounting Standards Board (FASB) Statement no. 147(fas 157) “fair value measurements” for the financial assets and liabilities that are measured at the fair value and none financial assets and...