A quick look around the just opened Flatbush, Brooklyn location of
Royal Philips Electronics has published 2004 financial information, prepared in accordance with International Financial Reporting Standards (IFRS), as a result of European Union regulation. This will be presented as supplementary information, together with Philips' primary financial statements, that will continue to be prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). This information also will be published in company quarterly reports, beginning with this year's first quarter. For Philips, the most important differences between both sets of accounting principles relate to accounting treatment of product development expenses and to accounting for pensions and other post-retirement benefits.