Examination of an annual report and financial statements of Marks and Spencer (Please relate to the company)

This is about the importance of financial reporting, and the structure and components of an annual report.

Please anwer not more than 200 words for each of the questions below.

QUESTION 1

1. Why is it important that financial statements are compiled using a standard framework?

2. Whether or not do M&Ss financial statements illustrate the following qualitative characteristics of financial information:

• Relevance

• Faithful representation

• Comparability

• Understandability

c) If you were an investor (or potential investor) in this company, would you regard the information included in the annual report as sufficient for you to make informed decisi