Please help.Read the report and note the year end for your company as the accounting principles used by the company.
Please list the year end and accounting principles used by the company.
1. Find out nordstrom 1 year end and accounting principles
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6:54 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Inc.: Using Google Chrome can help alleviate some of these performance issues. Report of Independent Registered Public Accounting Firm To the Sharcholders and Board of Directors Macy's, Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting We have audited the accompanying consolidated balance sheets of Macy's, Inc. and subsidiaries (the Company) as of January 30 2021 and February 1, 2020, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders equity, and cash flows for each of the years in the three-year period ended January 30, 2021 and the related notes (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of January 30, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 30, 2021 and February 1, 2020, and the results of its operations and its cash flows for cach of the years in the three-year period ended January 30, 2021, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 30, 2021 based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission Change in Accounting Principle As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for leases as of February 3, 2019 due to the adoption of Accounting Standards Codification Topic 842, Leases. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 9A(b). "Management's Annual Report on Internal Control over Financial Reporting." Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm sec.gov 1 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 9A(b). "Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the US federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial AA sec.gov 2 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and F-3 expenditures of the company are being made only in accordance with authorizations of management and directors of the company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate, Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging. subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Assessment of the liability for unrecognized tax benefits sec.gov 1 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these formance issues. The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Assessment of the liability for unrecognized tax benefits As discussed in Note 9 to the consolidated financial statements, the Company has recorded gross unrecognized tax benefits, including interest and penalties of S173 million as of January 30, 2021. The Company recognizes tax positions when it is more likely than not that the tax position will be sustained on examination based on the technical merits of the position. Uncertain tax positions meeting the recognition threshold are then measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. We identified the assessment of the liability for unrecognized tax benefits as a critical audit matter. Complex auditor judgment was required in evaluating the Company's interpretation of tax law and its estimate of the ultimate resolution of the tax positions. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's unrecognized tax benefits process, including a control related to the interpretation of tax law and the estimate of the ultimate resolution of the tax positions. Since tax law is complex and often subject to interpretation, we involved tax professionals with specialized skills and knowledge. They assisted us in evaluating the estimate of the ultimate resolution of the tax positions taken by the Company and the impact on unrecognized tax benefits by assessing tax examination activity and evaluating the tax positions based on tax law, regulations, and other authoritative guidance with respect to statute expirations and reserve additions Assessment of the carrying value of certain property and equipment sec.gov 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Assessment of the carrying value of certain property and equipment As discussed in Note I to the consolidated financial statements, the Company evaluates the carrying value of property and equipment whenever events or changes in circumstances indicate that a potential impairment has occurred. As of January 30, 2021, net property and equipment was $5.940 million. When a potential impairment has occurred, an impairment write down is recorded if the carrying value of the long-lived asset exceeds its fair value. As discussed in Note 4 to the consolidated financial statements, the Company recognized S200 million of impairments primarily related to long-lived tangible and right of use assets in the year ended January 30, 2021 We identified the assessment of the carrying value of certain property and equipment as a critical audit matter. Subjective and challenging auditor judgment was required to assess the fair value estimates made related to certain properties, specifically identifying comparable sales transactions and market rent assumptions, as well as assessing adjustments to the comparable market data based on the specific characteristics of the property The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's impairment assessment process for property and equipment, including controls related to fair value estimates made related to the underlying properties. We involved valuation professionals with specialized skills and knowledge who assisted in: Developing independent fair value estimates for certain properties by selecting comparable sales transactions and market rent assumptions based on publicly available market data for comparable assets, and making certain adjustments considering the location, quality of the property and real estate market conditions Comparing the independent fair value estimates for certain properties to the Company's fair value estimates that were ultimately used to identify and record, if applicable, impairment. F-4 { sec.gov 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Assessment of the carrying value of goodwill in the Macy's reporting unit As discussed in Notes 4 and 6 to the consolidated financial statements, during 2020 the Company recognized S2,982 million of goodwill impairment for the Macy's reporting unit The goodwill impairment resulted from a sustained decline in the Company's market capitalization and changes in the Company's long-term projections driven largely by the impacts of the COVID-19 pandemic. The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate that the carrying value of a reporting unit likely exceeds its fair value. This involves estimating the fair value of reporting units using a market approach ora combination of a market approach and income approach, as appropriate. We identified the assessment of the carrying value of goodwill in the Macy's reporting unit as a critical audit matter. Specialized skills and knowledge were required to evaluate the company-specific risk premium applied in discounting management's financial projections. Subjective and challenging auditor judgment was required to evaluate comparable market-based information, including assessing the control premium implied by a comparison of management's discounted financial projections to the Company's market capitalization The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the assessment of the carrying value of goodwill in the Macy's reporting unit, including a control related to management's review of the company-specific risk premium We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the company specific risk premium by: Considering how management's financial projections compared to publicly available forecasts of comparable companies Evaluating the implied control premium calculated as part of a market capitalization reconciliation relative to a range of control premiums on observed transactions in the industry. 1 6 18/KPMG LLP sec.gov 6:54 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Inc.: Using Google Chrome can help alleviate some of these performance issues. Report of Independent Registered Public Accounting Firm To the Sharcholders and Board of Directors Macy's, Opinions on the Consolidated Financial Statements and Internal Control Over Financial Reporting We have audited the accompanying consolidated balance sheets of Macy's, Inc. and subsidiaries (the Company) as of January 30 2021 and February 1, 2020, the related consolidated statements of operations, comprehensive income (loss), changes in shareholders equity, and cash flows for each of the years in the three-year period ended January 30, 2021 and the related notes (collectively, the consolidated financial statements). We also have audited the Company's internal control over financial reporting as of January 30, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of January 30, 2021 and February 1, 2020, and the results of its operations and its cash flows for cach of the years in the three-year period ended January 30, 2021, in conformity with U.S. generally accepted accounting principles. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of January 30, 2021 based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission Change in Accounting Principle As discussed in Note 1 to the consolidated financial statements, the Company changed its method of accounting for leases as of February 3, 2019 due to the adoption of Accounting Standards Codification Topic 842, Leases. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 9A(b). "Management's Annual Report on Internal Control over Financial Reporting." Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm sec.gov 1 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Basis for Opinions The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying 9A(b). "Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's consolidated financial statements and an opinion on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the US federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions. Definition and Limitations of Internal Control Over Financial AA sec.gov 2 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues Definition and Limitations of Internal Control Over Financial Reporting A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and F-3 expenditures of the company are being made only in accordance with authorizations of management and directors of the company and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate, Critical Audit Matters The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging. subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Assessment of the liability for unrecognized tax benefits sec.gov 1 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these formance issues. The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. Assessment of the liability for unrecognized tax benefits As discussed in Note 9 to the consolidated financial statements, the Company has recorded gross unrecognized tax benefits, including interest and penalties of S173 million as of January 30, 2021. The Company recognizes tax positions when it is more likely than not that the tax position will be sustained on examination based on the technical merits of the position. Uncertain tax positions meeting the recognition threshold are then measured at the largest amount of benefit that is more likely than not to be realized upon ultimate settlement. We identified the assessment of the liability for unrecognized tax benefits as a critical audit matter. Complex auditor judgment was required in evaluating the Company's interpretation of tax law and its estimate of the ultimate resolution of the tax positions. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's unrecognized tax benefits process, including a control related to the interpretation of tax law and the estimate of the ultimate resolution of the tax positions. Since tax law is complex and often subject to interpretation, we involved tax professionals with specialized skills and knowledge. They assisted us in evaluating the estimate of the ultimate resolution of the tax positions taken by the Company and the impact on unrecognized tax benefits by assessing tax examination activity and evaluating the tax positions based on tax law, regulations, and other authoritative guidance with respect to statute expirations and reserve additions Assessment of the carrying value of certain property and equipment sec.gov 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Assessment of the carrying value of certain property and equipment As discussed in Note I to the consolidated financial statements, the Company evaluates the carrying value of property and equipment whenever events or changes in circumstances indicate that a potential impairment has occurred. As of January 30, 2021, net property and equipment was $5.940 million. When a potential impairment has occurred, an impairment write down is recorded if the carrying value of the long-lived asset exceeds its fair value. As discussed in Note 4 to the consolidated financial statements, the Company recognized S200 million of impairments primarily related to long-lived tangible and right of use assets in the year ended January 30, 2021 We identified the assessment of the carrying value of certain property and equipment as a critical audit matter. Subjective and challenging auditor judgment was required to assess the fair value estimates made related to certain properties, specifically identifying comparable sales transactions and market rent assumptions, as well as assessing adjustments to the comparable market data based on the specific characteristics of the property The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the Company's impairment assessment process for property and equipment, including controls related to fair value estimates made related to the underlying properties. We involved valuation professionals with specialized skills and knowledge who assisted in: Developing independent fair value estimates for certain properties by selecting comparable sales transactions and market rent assumptions based on publicly available market data for comparable assets, and making certain adjustments considering the location, quality of the property and real estate market conditions Comparing the independent fair value estimates for certain properties to the Company's fair value estimates that were ultimately used to identify and record, if applicable, impairment. F-4 { sec.gov 6:55 .. Inline Viewer Inline XBRL HTML Form is over 7.5MB, Using Google Chrome can help alleviate some of these performance issues. Assessment of the carrying value of goodwill in the Macy's reporting unit As discussed in Notes 4 and 6 to the consolidated financial statements, during 2020 the Company recognized S2,982 million of goodwill impairment for the Macy's reporting unit The goodwill impairment resulted from a sustained decline in the Company's market capitalization and changes in the Company's long-term projections driven largely by the impacts of the COVID-19 pandemic. The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate that the carrying value of a reporting unit likely exceeds its fair value. This involves estimating the fair value of reporting units using a market approach ora combination of a market approach and income approach, as appropriate. We identified the assessment of the carrying value of goodwill in the Macy's reporting unit as a critical audit matter. Specialized skills and knowledge were required to evaluate the company-specific risk premium applied in discounting management's financial projections. Subjective and challenging auditor judgment was required to evaluate comparable market-based information, including assessing the control premium implied by a comparison of management's discounted financial projections to the Company's market capitalization The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the assessment of the carrying value of goodwill in the Macy's reporting unit, including a control related to management's review of the company-specific risk premium We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the company specific risk premium by: Considering how management's financial projections compared to publicly available forecasts of comparable companies Evaluating the implied control premium calculated as part of a market capitalization reconciliation relative to a range of control premiums on observed transactions in the industry. 1 6 18/KPMG LLP sec.gov
