Coty

4023 mots 17 pages
COTY INC. FINANCIAL POLICY MANUAL
POLICY NUMBER: PAGE: DATE ISSUED: DATE EFFECTIVE: APPROVED BY: JURISDICTION AFFECTED: 9.02 1 of 11 December 1996 (Revised - June 2000) December 31, 1996 Corporate Controller All

TITLE: RECOGNITION OF SALES RETURNS ____________________________________________________________

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I. Background Coty Inc. and many other fragrance and cosmetics companies have policies that generally allow retailers to return goods under certain circumstances. The amount of returns varies widely throughout the business due to variations specific to individual countries, distinct business practices, and the varying nature of the products sold. However, creating uniform criteria for estimating an adequate reserve for a return is critical to ensuring consistent reporting across the business. The diversity of the business and the growth through acquisition has led to a variety of return practices worldwide. Additional variables which increase the complexity of calculating the accrual for returns are the seasonality of certain parts of the business, changes in consumer preferences, and the potentially extended time period over which returns may occur. This policy puts forth a concrete path for the businesses to follow, therefore allowing the Company to properly account for sales returns. II. Purpose This policy will incorporate the different types of sales, basic/normal and promotional/seasonal, and set forth uniform parameters for calculating the returns accrual. Additionally, it will address the refurbishment of returns and, where applicable, the value of product put back into inventory (Cost of Goods Sold Credit). III. Policy A. Overview Due to the nature of Coty Inc.’s business, a significant portion of sales may be subject to returns. This is especially evident in the segments of the business which are highly reliant upon sales from the Christmas selling season, as well as other promotional events throughout the year. To understand

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