Financial Accounting Essay Example | Topics and Well Written Essays - 2000 words

pecuniary Accounting - Essay ExampleOne useful matter is the report that the c every(pre noinal)er was able to bring home the bacon a good set of results in the areas of sales, profits, and earnings per share growth. Another useful content is the improver of the companys ROCE by 13 percent. The increase brings the company closer to achieving its 2014 benchmarks. Another useful content is restating the United Kingdom as the companys outstanding core business (http//www.tescoplc.com/). somewhat of the content of the chief executive officers report are irrelevant. Stating that the company must focus on increasing sales is redundant. All companies strive to increase sales, without exception. Another irrelevant content is the focus on climate change policies. All companies are required to implement environmental laws. (http//www.tescoplc.com/). (b). Chairmans Statement. Some of the contents of the Chairmans report are useful. The useful contents include reporting the companys succ essful business operation during the 2011 accounting period. Tescos Chairman, David Reid, emphasized favorable financial results in the 2011. Another useful content is stating the current classs dividend is 10.8 percent higher than the prior years dividend distribution. Some of the contents of the Chairmans Review report are irrelevant. ... (b) Audit committal Chairmans Report. Some of the contents of the Audit perpetration Chairmans report are useful. One of the useful contents is focusing on the Audit Committees meetings focusing on internal control matters. Another useful content is stating that the Audit Committee meetings are done pentad times during the year. Likewise, another useful content states that the affected departments cooperated with the Audit Committee. Some of the contents of the Audit Committee Chairmans report are irrelevant. One irrelevant content is stating the group internal controls and venture management processes are embedded in their businesses. All b usinesses are required to implement internal controls to disgrace or stop fraudulent and erroneous transactions. Another irrelevant content is stating the board is organized each(prenominal) year to one or more of the Groups international businesses. PART TWO flat coat Information (a) Property Plant & Equipment IFRS compliance Property, Plant and Equipment. Tesco Plc records the ? 24,398 m property plant and equipment at price less roll up depreciation. IFRS standard Section 17, Property, Plant, and Equipment, requires entities to property, plant, and equipment at cost less accumulated depreciation. Cost includes all amounts paid to put the said assets into operations. The same IFRS concept requires entities to record the same assets at carrying value (net of accumulated depreciation). The assets must be depreciation over each assets useful life (Mehta 2010) nonphysical Assets. Tesco Plc complies with International Financial Reporting Standards (IFRS). Specifically, Tesco Plcs ?4,338 m goodwill and other intangible assets amount complies with IFRS no. 3, Business Combinations, which states that must identify