Tesco 2011 Annual Report Download - page 96
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The Directors are required by the Companies Act 2006 to prepare
financial statements for each financial year which give a true and fair
view of the state of affairs of the Company and the Group as at the
end of the financial year and of the profit or loss of the Group for the
financial year. Under that law the Directors are required to prepare the
Group financial statements in accordance with International Financial
Reporting Standards (IFRSs) as endorsed by the European Union (EU)
and have elected to prepare the Company financial statements in
accordance with UK Accounting Standards.
In preparing the Group and Company financial statements, the Directors
are required to:
• select suitable accounting policies and then apply them consistently;
• make reasonable and prudent judgements and estimates;
• for the Group financial statements, state whether they have been
prepared in accordance with IFRS, as endorsed by the EU;
• for the Company financial statements state whether applicable
UK Accounting Standards have been followed; and
• prepare the financial statements on the going concern basis, unless
it is inappropriate to presume that the Group and the Company will
continue in business.
The Directors confirm that they have complied with the above
requirements in preparing the financial statements.
The Directors are responsible for keeping proper accounting records
which disclose with reasonable accuracy at any time, the financial
position of the Company and the Group, and which enable them to
ensure that the financial statements and the Directors’ Remuneration
Report comply with the Companies Act 2006, and as regards the Group
financial statements, Article 4 of the IAS Regulation.
The Business Review includes a fair review of the business and
important events impacting it, as well as a description of the principal
risks and uncertainties of the business.
The Directors are responsible for the maintenance and integrity of the
Annual Review and Summary Financial Statement and Annual Report
and Financial Statements published on the Group’s corporate website.
Legislation in the UK concerning the preparation and dissemination of
financial statements may differ from legislation in other jurisdictions.
The Directors have general responsibility for taking such steps as are
reasonably open to them to safeguard the assets of the Group and of
the Company and to prevent and detect fraud and other irregularities.
FINANCIAL STATEMENTS
92
—
TESCO PLC Annual Report and Financial Statements 2011
Statement of Directors’ responsibilities