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Question: The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/_assets/downloads/ Instructions Refer to M&S’s financial statements and the a £6.40   Add to cart
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Question: The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at http://annualreport.marksandspencer.com/_assets/downloads/ Instructions Refer to M&S’s financial statements and the a
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Question: The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at Instructions Refer to M&S’s financial statements and the accompanying notes to answer the following questions. (a) What specific items does M&S discu...

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  • December 24, 2022
  • 2
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

Subjects

  • marks and spencer plc mamps
  • httpannualreportmarksandspencercomassetsdownloads

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  • Financial statements
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Question:

The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion

website or can be accessed at http://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) What specific items does M&S discuss in its Note 1—Summary of Significant Accounting

Policies? (List the headings only.)

(b) For what segments did M&S report segmented information? Which segment is the

largest? Who is M&S’s largest customer?

(c) What interim information was reported by M&S?



Answer:



(a) The specific items M&S discusses in Note 1 are basis of preparation; accounting convention;

basis of consolidation; subsidiaries; revenue; dividends; pensions; intangible assets; property,

plant and equipment; leasing; leasehold prepayments; cash and cash equivalents inventories;

provisions; share-based payments; foreign currencies; taxation; financial instruments;

derivative financial instruments and hedging activities; embedded derivatives critical

accounting estimates and judgments and non-GAAP performance measures.

(b) M&S reported segments for its UK and International Operations. UK was further

segmented into general merchandise and food. International was segmented into

franchised and owned. The UK segment is the largest segment in terms of revenue and

assets. M&S does not report its largest customer.

(c) No interim information is reported.

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