The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http:// annualreport.marksandspencer.com/ _assets/downloads/ Marksand-Spencer-Annual-report-and-financial-statements-2012.pdf.

Instructions
Refer to M&S’s financial statements and the accompanying notes to answer the following questions.
  (a) What investments does M&S report in 2012, and where are these investments reported in its financial statements?
  (b) How are M&S’s investments valued? How does M&S determine fair value?
  (c) How does M&S use derivative financial instruments?