The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or
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Question:
corporate.marksandspencer.com/documents/publications/2010/Annual_Report_2010.n
Instructionsn
Refer to M&S’s financial statementsn
and the accompanying notes to answer the following questions.n
(a) Using the notes to the consolidated financial statements, determine M&S’s revenue recognition policies.n
(b) Give two examples of where historical cost information is reported in M&S’s financial statements and related notes. Give two examples of the use of fair value information reported in either the financial statements or related notes.n
(c) How can we determine that the accounting principles used by M&S are prepared on a basis consistent with those of last year?n
(d) What is M&S’s accounting policy related to refunds and loyalty schemes? Why does M&S include the accounting for refunds and loyalty schemes in its critical accounting estimates and judgments?n
Related Book For
Accounting Business Reporting for Decision Making
ISBN: 9780730302414
4th edition
Authors: Jacqueline Birt, Keryn Chalmers, Albie Brooks, Suzanne Byrne, Judy Oliver
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