Financial Year of Tesco - Term Paper Example

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The paper 'Financial Year of Tesco' presents Tesco as the subject company with the annual financial year of 2005. Tesco is a UK based retail chain serving both foods based and nonfood based products to customers across the UK and other parts of the world…
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Download file to see previous pages Accounting standards require that they should be consistently applied and practiced. (Deliotte, 2008). Accounting Policies adopted by Tesco are according to both international and national standards of accounting prevalent at the time. Tesco has prepared its accounting statements on Historical cost convention however there are some changes with respect to the Transitional disclosure requirements under FRS 17. Revenue recognition policy is as per the standards and whereas the stocks are valued at lowers of the cost or net realizable value. Fixed assets are recognized at the cost with depreciation being recorded at the straight-line basis with clear segmentation of depreciation rates. Goodwill is amortized and capitalized according to the prevalent standards whereas fixed assets and goodwill are also under review for impairment under FRS 11.
Segment reporting is one of the important accounting information for the investors especially within the context of international businesses. The increasing trends of businesses to have segments working all over the world and even within the country require that the information shall be contained in the financial statements according to the prevalent accounting standards.
The value the segmental reporting carries to the shareholders is very important because it provides investors the necessary look into the performance of the various segments of the company. Since the company is a collection of various departments and segments and a synergic coherence of these segments creates success for the firm, therefore, the information regarding the segments is very critical to the overall value of the firm to the investors. Since Tesco has a presence in Europe and Asia, therefore, segment reporting of these two allied geographical locations is very important to the investors. ...Download file to see next pagesRead More
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