The financial statements of M&S are presented in Appendix E. The company’s complete annual report, including the notes to the financial statements, is available online.

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 2017, 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?