Read the questions then answer them using the M&S annual reports for the year ended April 2, 2016.
(provide complete and comprehensive answers. Also, do not have any grammatical errors)
Marks and Spencer plc (M&S)
The financial statements of M&S are presented in Appendix E. 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 notes to the consolidated financial statements, determine M&S's revenue recognition policies.
(b) Give two examples of where historical cost infonnation 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. What new accounting policies are discussed?
(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?
Attachment:- _M-S-Financial-Statements.rar