The financial statements of M S (GBR) are presented in Appendix A 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 Using the no...

a According to Note 1 x Accounting Policies Revenue comprises sales of goods to customers outside the Group less an appropriate deduction for actual a ...

The financial statements of M&S (GBR) are presented in Appendix A. The company's complete annual report, including

Question:

The of M&S (GBR) are presented in Appendix A. The company's complete annual report, including the notes to the is available online.
Instructions
Refer to M&S's and the accompanying notes to answer the following questions.
a. Using the notes to the consolidated determine M&S's revenue recognition policies.
b. Give two examples of where historical cost information is reported in M&S's and related notes. Give two examples of the use of fair value information reported in either the or related notes.
c. How can we determine that the accounting principles used by M&S are prepared on a basis consistent with those of last year?
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?
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...