Marks and Spencer Finance and Accounting - Essay Example

Only on StudentShare

Extract of sample
Marks and Spencer Finance and Accounting

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). ...
Download paper

Summary

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)…
Author : zmarvin

Related Essays

Report on Marks and Spencer
6 pages (1506 words) Essay
Marks and spencer assignment
8 pages (2008 words) Coursework
Finance and Accounting Essay
7 pages (1757 words) Essay
Finance and Accounting Essay
8 pages (2008 words) Essay
Marks and Spencer
6 pages (1506 words) Essay
Marks & Spencer plc
8 pages (2008 words) Essay
Finance and Accounting Essay
4 pages (1004 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!