The financial statements of Marks and Spencer plc (M&S) are available at the books companion website or can be accessed at http:/corporate.marksandspencer.com/ documents/publications/2010/Annual_Report_2010.InstructionsRefer to M&Ss financial statements and the accompanying notes to answer the following questions.(a) What were M&Ss sales for 2010?(b) What was the percentage of increase or decrease in M&Ss sales from 2009 to2010? From 2008 to 2009?

Chapter 18, IFRS Concepts and application #10

The of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http:/corporate.marksandspencer.com/ documents/publications/2010/Annual_Report_2010.
Instructions
Refer to M&S’s and the accompanying notes to answer the following questions.
(a) What were M&S’s sales for 2010?
(b) What was the percentage of increase or decrease in M&S’s sales from 2009 to
2010? From 2008 to 2009? From 2008 to 2010?
(c) In its notes to the what criteria does M&S use to recognize revenue?
(d) How does M&S account for discounts and loyalty schemes? Does the accounting conform to accrual-accounting concepts? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...