Coca Cola 2003 Annual Report Download - page 103

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Report of Independent Auditors
Board of Directors and Share Owners
The Coca-Cola Company
We have audited the accompanying consolidated balance sheets of The Coca-Cola Company and
subsidiaries as of December 31, 2003 and 2002, and the related consolidated statements of income, share-
owners’ equity, and cash flows for each of the three years in the period ended December 31, 2003. Our audits
also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and
schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on
these financial statements and schedule based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
consolidated financial position of The Coca-Cola Company and subsidiaries at December 31, 2003 and 2002, and
the consolidated results of their operations and their cash flows for each of the three years in the period ended
December 31, 2003, in conformity with accounting principles generally accepted in the United States. Also, in
our opinion, the related financial statement schedule, when considered in relation to the basic financial
statements taken as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Notes 1, 4 and 13 to the Consolidated Financial Statements, in 2002 the Company changed
its method of accounting for goodwill and other intangible assets and changed its method of accounting for
stock-based compensation. As discussed in Notes 1 and 10 to the Consolidated Financial Statements, in 2001 the
Company changed its method of accounting for derivative instruments and hedging activities.
Atlanta, Georgia
February 9, 2004
100