The financial statements of M&S (GBR) are presented in Appendix A. The 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) Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2012–2013)? If so, describe the nature of the change and the year of change.

(b) What types of estimates did M&S discuss in 2013?

Data From Appendix A 

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APPENDIX A Specimen Financial Statements: Marks and Spencer Group plc Financial statements Consolidated income statement Revenue Operating profit Finance income Finance costs Profit before tax Income tax expense Profit for the year Attributable to: Equity shareholders of the Company Non-controlling interests Basic earnings per share Diluted earnings per share Notes 2,3 2,3 52 weeks ended 30 March 2013 m 10,026.8 52 weeks ended 31 March 2012 m 9,934.3 756.0 746.5 26.5 (218.2) 48.3 (136.8) 564.3 658.0 (106.3) (168.4) 458.0 489.6 466.7 513.1" (8.7) (23.5) 458.0 489.6 29.2p 32....... 29.0p 32.2p