Marks and Spencer Financial Statements Coursework

Marks and Spencer pecuniary Statements - Coursework ExampleMany of the private companies in the UK use International Financial Reporting Standards (IFRS) conceptual material for financial reporting (Holland, 1998) and address issues regarding average value accounting in terms of the 8 phases, off of which four are active the objective and qualitative characteristics, elements and recognition, measurement, and reporting entity. The conceptual model 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(a) value to meet the qualitative characteristics of the framework. As IFRS includes fair value measurements required by the United domain Gener anyy Accepted Accounting Principles (UK GAAP) (Ballard, 2010, p 704), it is obvious that the different identifiable components (Connolly, 2012) like pension and separate 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). Also, according to the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB), the objective of fair value measurement is to provide guidance for selecting measurement bases that satisfy the objectives and qualitative characteristics of financial reporting (FASB, 2009b, p2 Ballard, 2010, p 703). The qualitative characteristics aid financial reporting in the selection of a measurement method which the play along has attained through identifying its employees as their valuable asset and also having certain policies and ends like the pension scheme and work, health and safety schemes as part of its sustainability drive (M&S How We Do Business, 2011). Further, identifiable segments are reportable or operating(a) segments of the company that nurse reported tax income of more than 10% of the combined revenue of both internal and external revenue of all other segments. Also, if the profit or loss of a particular segment, like employee remuneration or employee benefits, including pension benefits, is greater than profit or loss of all operating segments combined or the assets are worth more than 10% of all combined operating segment assets, then the segment is said to be reportable (Connolly, 2012, p2). This means that M&S has the pick of not including the employee remuneration benefits or pension liabilities and costs in the financial report. Measurement is defined in the IASBs framework as the process of determining the monetary amounts at which the elements of financial statements are to be recognized and carried in the balance sheet and income statement (IASB, 2001, p 99 Ballard, 2010, p 706). M&S has recognized the measurements relating to employee remuneration, costs, and benefits in its financial statement in 2011 (Appendix 1 & 2). Many of the financial reporting institutes have recogniz ed that there exists ambiguity in standards attained in financial reporting. There are limitations in financial reporting and public information disclosure as it is common practice with companies to practice obligatory and voluntary public and private disclosure of information that is targeted at specific stakeholders of the business (Holland, 1998).