The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at annualreport.marksandspencer.com/ assets/downloads/ Marks-and- 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) Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2011–2012)? If so, describe the nature of the change and the year of change.
  (b) What types of estimates did M&S discuss in 2012?