Sainsbury's Financial reporting

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Finance & Accounting
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Sainsbury's Financial reporting Table of Contents Table of Contents 2 Overview 3 Analysis of accounting policies 3 Conclusion 8 Bibliography 11 Overview Sainsbury Plc is a UK based FTSE 100 listed company. The primary activities of the company include grocery, retail and financial services…

Introduction

The company has a joint ownership with Lloyds Banking Group and also has joint ventures in properties with The British Land Company Plc and Land Securities Group Plc (Reuters, 2011). In financial year 2010 the main joint ventures of the Group were The Harvest Limited Partnership, BL Sainsbury Superstores Limited and Sainsbury Bank Plc. In all these ventures the company has a share of 50 percent. The Directors of the company are accountable for the preparation of Annual Report, Remuneration Report and relevant financial statements as per the applicable regulations. The financial statements of the Company and the Group are prepared in accordance with the International Financial Reporting Standards (IFRS) (J Sainsbury Plc, 2010). Analysis of accounting policies a) At the end of each financial year and also in the event of any impairment indication, there is a review of the carrying value of the tangible and intangible assets by the Group to identify any impairment losses. If such indication is revealed then the recoverable value of the asset is calculated to determine the amount of impairment loss. If the cash flows from the assets are not independent of the other assets the Group determines the recoverable amount of the cash-generating-unit (CGU). ...
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