The financial statements of M&S (GBR) are presented in Appendix A. The company’s 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) What amounts relative to income taxes does M&S report in its:

(1) 2013 income statement?

(2) 30 March 2013 statement of financial position?

(3) 2013 statement of cash flows?

(b) M&S’s provision for income taxes in 2012 and 2013 was computed at what effective tax rates? (See the notes to the financial statements.)

(c) How much of M&S’s 2013 total provision for income taxes was current tax expense, and how much was deferred tax expense?

(d) What did M&S report as the significant components (the details) of its 30 March 2013 deferred tax assets and liabilities?

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 52 weeks ended 30 March 2013 52 weeks ended 31 March 2012 Notes 2,3 m 10,026.8 m 9,934.3 2,3 756.0 6 26.5 (218.2) 746.5 48.3 (136.8) 47 564.3 658.0 (106.3) (168.4) 458.0 489.6 466.7 513.1 (8.7) (23.5) 458.0 489.6 8 29.2p 32.5p 8 29.0p 32.2p