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Finance Assignment Question

The report is a Financial Accounting Report (3200 words) and a supplementary Reflective Report (800 words) The Financial Accounting Report should compare and contrast four companies from the retail industry sector. The companies should prepare Financial Statements using International Accounting Standards. Your companies should all be listed in the UK and you should look at the most recently published Financial Statements and their previous year's financial statements. In addition to the Financial Accounting Report students need to append a Reflective Report (800 words), which details their own personal journey in preparing the assignment
The Financial Accounting Report should include –
• Background of the companies and the retail sector in the UK.
• Relevant theory and research from a wide range of quality sources
• A review of Financial Accounting and Reporting Standards in these
organisations and a critical appraisal of how they operate.
• A comparative analysis of the Financial Statements using financial ratios and
other key measures. Both between companies and industries
• The strengths and weaknesses of your analysis
• An Introduction and Conclusion
• An appendix containing any detailed financial Information that is relevant to the
report.
The reflective report encompasses your journey in preparing the assignment.

Finance Assignment Solution

Since in this challenging world it is very much difficult for the investors and professionals to choose the right company or organization, financial accounting report is a medium through which they can capture the differences between different companies and calculate their positions. On the other hand, it is equally important for the organizations as well to prepare the same as it helps them to locate the unproductive or non-profitable areas and provide them some base for their financial strategies. As we all know that it is very much important for the organizations to prepare the financial statements if they want to secure their position in the market place or to attract new customers. However, in order to prepare these financial statements, they need to deal with various international accounting standards so to keep it valid and acceptable. In addition, the financial team should not take this as only a responsibility rather they should know the importance of it. As financial statement gathers all the relevant information like information about assets and liabilities, information about profit or loss information about stock, cash etc, it is very much important for all organization to prepare the same with appropriate attention and responsibility. Thus this topic is totally based on financial accounting report and what is the basic difference when different companies prepare it as per their own operations. Since it is mandatory for all those organizations that are listed on any stock exchange to prepare the financial statement using international accounting standards it will be interesting to compare and contrast the financial accounting report prepared by different companies. However, preparing the financial accounting report is not the ultimate aim of the companies they should appoint auditors and respective qualified professionals to detect the mistakes and errors and make the statement even more useful for the organization. Thus this study will also present the financial accounting report of same and different companies and try to allocate the differences using different financial ratios. Moreover, all the companies that are included in this study belong to the retail industry and deal with various types of products (Thomson, 2013).

2. Background of the companies and the retail sector in the UK:

In order to give detail information about financial accounting report and standards, it is very much important to provide significant information about the companies and their respective sectors on the basis of which this financial accounting report is going to be framed. Talking about companies which do prepare their financial accounting report on a timely basis and are listed under the retail industry is Lotte Shopping, Dignity Plc, Marks and Spencer and Auto Trader Group. Elaborating about our first retail company, as indicated in the name itself Lotte Shopping Company is satisfying so many customers on a regular basis through their different products such as jewelry, watches, shoes, fashion accessories etc. The company is listed in the stock exchange and prepare their financial statements using international standards as and when it is necessary. In addition, the scale of this company is very wide and covers customers from many countries through their products and services. Talking about our second retail company which is Dignity Plc is one of the biggest suppliers of funeral services and delivers services related to pre-paid funeral plans in the UK. The company was established after the merger of Plantsbrook group and Great Southern Group in 1994 and is listed in the London Stock Exchange. Taking figures into account the company earned an income of fifty-five million in 2014 and runs with 2450 employees as of now. The third retail company is Marks and Spencer which generally does not need any introduction also commonly it is known as M&S, was started by Michael Marks and Thomas Spencer in 1884. Products which are sold by this company are clothing, home goods, and luxury foods; in 1998 this company became the only British retailer to make a pre-tax profit of around one billion. The scale or level of this company is very wide since it deals with so many products or services and satisfies so many customers on a regular basis. Last Retail Company is Auto Trader Group which deals in advertising since 1975 and was founded by John Madejski and Paul Gibbons. Talking about the operations, the company use to deliver its services through printed magazine, website and through mobile site (Goodwin, 2010). The

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