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Essay example - Marks and Spencer Finance and Accounting
Finance & Accounting
Pages 5 (1255 words)
Introduction Mark Bolland in his Chief Executives review of Marks and Spencer in the 2011 financial review said “The M&S team: It’s not just the products that make M&S special, it’s the people.” (M&S Annual Review and Financial Staetements, 2011, p 9)…
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Conceptual framework for financial reporting- Many of the private companies in the UK use International Financial Reporting Standards (IFRS) conceptual framework for financial reporting (Holland, 1998) and address issues regarding fair value accounting in terms of the 8 phases, out of which four are active: the objective and qualitative characteristics, elements and recognition, measurement, and reporting entity. The conceptual framework itself provides guidance on which measurement bases to be used or outcomes to be obtained through the measurements decisions. The measurements of the different segments are aimed at fair value to meet the qualitative characteristics of the framework. As IFRS includes fair value measurements required by United Kingdom Generally Accepted Accounting Principles (UK GAAP) (Ballard, 2010, p 704), it is obvious that the different identifiable components (Connolly, 2012) like pension and other associated costs and liabilities of M&S are according to fair value measurement that meets the qualitative characteristics of the framework (Ballard, 2010, p 703). ...
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