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Essay on Financial Reports of Tesco plc

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Introduction

In the current competitive supermarket industry one of the biggest company is Tesco plc. Tesco operates 2318 stores in 12 countries and employs 380,000 people around the world. As for other companies in the market, the main purpose of the business is maximizing profit for its owners. What's more Tesco trying to expand in international market, thus it is possible to find some Tesco supermarkets in continental Europe, in some parts of Asia and in some cities of the United States. As other public companies do, Tesco have to provide annual reports to the public that include the financial statements of the company, such as Statement of financial position, Income Statement, Statement of Cash flow and Statement of Equity changes. The IASB (International Accounting Standards Board) Framework developed set of characteristics that should be taken into account when evaluating the usefulness of these financial statements.

Qualitative characteristics

To begin with, the financial reports are not perfect, because the information within the statements made mainly for investors, and there is not much direct information for other stakeholders of the business. However, other users can use assumptions and find useful information through looking at financial information given in annual reports.

The Tesco’s financial statements are classified upon four qualitative characteristics of IASB Framework. They are: understandability, relevance, reliability and comparability.
The Tesco reports provide notes to group financial statements for deeper understanding of financial accounts. To make information understandable is the least achievable aim, because the financial information within the statements includes calculations, terms,...


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...ing. Second edition, Prentice Hall Europe 1985, 1994; 1994. P 113


5. http://www.iasb.org/NR/rdonlyres/8C532526-9CE7-49B6-84BB-446BEDA65541/0/ias07sum.pdf


6. Weetman,P. (2011). Financial and management accounting. An introduction. . 5th ed. London: Financial Times Pitman Publishing imprint. p175.


7. http://www.telegraph.co.uk/news/uknews/1548956/Tesco-in-numbers.html


8. http://en.wikipedia.org/wiki/Financial_statement


9. Brammer,J., Cox,D., Fardon, M and Penning,A. (2002). Active Accounting. A plain guide to financial and management accounting. 2nd ed. Worcester: Osborne Books Limited . p253

10. Britton,A. and Waterstone,C. (2010). Financial Accounting. 5th ed. London: Pearson Limited Company. p66.

11. Finch,C. (2008). A student’s guide to International Financial Reporting Standards. 2nd ed. Wokingham: Kaplan Publishing UK. p7.






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