Financial Information Tesco Report
Anzhela Kryvych
W1415168
Question 1.
Tesco PLC is a British multinational grocery and general merchandise retailer as well as retail baking and insurance services provider in the UK, China, the Czech Republic, Hungary, the Republic of Ireland, India, Malaysia, Poland, Slovakia, South Korea, Thailand and Turkey.
Question 2.
The financial statement of the Tesco PLC have audited for the financial year ended 23 February 2013 which includes the Group income statement, the Group statement of comprehensive income, the Group balance sheet, the Group statement of changes in equity, the Group cash flow statement and the related notes. The financial reporting framework that has been applied in their research is relevant law and International Financial Reporting Standards (‘IFRS’) as adopted by the European Union. An audit involves getting evidence concerning the amounts and disclosures in the financial statements that is necessary to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, there were considered all the financial and non-financial information in the Annual Report and Financial Statements in order to identify material inconsistencies with the audited financial statements in case of aware of any apparent material misstatements or inconsistencies to consider the implications for the report in overall.
Question 3.
Table 1. 2013 (£m)
2012 (£m) Change %
Net Income
1390
2948
-52.85%
Equity
16661
17801
-6.40%
Gross Profit
4089
5261
-22.28%
Revenue
64,826
64,539
0.44%
Current Assets
13096
12863
1.81%
Current Liabilities
18985
19249
-1.37%
Inventory
3744
3598
4.06%
Cost
W1415168
Question 1.
Tesco PLC is a British multinational grocery and general merchandise retailer as well as retail baking and insurance services provider in the UK, China, the Czech Republic, Hungary, the Republic of Ireland, India, Malaysia, Poland, Slovakia, South Korea, Thailand and Turkey.
Question 2.
The financial statement of the Tesco PLC have audited for the financial year ended 23 February 2013 which includes the Group income statement, the Group statement of comprehensive income, the Group balance sheet, the Group statement of changes in equity, the Group cash flow statement and the related notes. The financial reporting framework that has been applied in their research is relevant law and International Financial Reporting Standards (‘IFRS’) as adopted by the European Union. An audit involves getting evidence concerning the amounts and disclosures in the financial statements that is necessary to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Group’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the Directors; and the overall presentation of the financial statements. In addition, there were considered all the financial and non-financial information in the Annual Report and Financial Statements in order to identify material inconsistencies with the audited financial statements in case of aware of any apparent material misstatements or inconsistencies to consider the implications for the report in overall.
Question 3.
Table 1. 2013 (£m)
2012 (£m) Change %
Net Income
1390
2948
-52.85%
Equity
16661
17801
-6.40%
Gross Profit
4089
5261
-22.28%
Revenue
64,826
64,539
0.44%
Current Assets
13096
12863
1.81%
Current Liabilities
18985
19249
-1.37%
Inventory
3744
3598
4.06%
Cost