The financial statements of M&S are presented in Appendix E. 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. Were there changes in accounting policies reported by M&S during the two years covered by its income statements (2016–2017)? If so, describe the nature of the change and the year of change.

b. What types of estimates did M&S discuss in 2017?