Tesco 2006 Annual Report Download - page 42

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40 Tesco plc
Directors’ responsibilities for the preparation of the financial statements
The Directors are required by the Companies Act 1985 to
prepare financial statements for each financial year which give
atrue 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 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 each of the Group and Company financial
statements, the Directors are required to:
• select suitable accounting policies and apply them
consistently;
• make reasonable and prudent judgements and estimates;
• for the Group financial statements, state whether they have
been prepared in accordance with IFRSs as endorsed
by the EU;
• for the Company financial statements state whether
applicable UK Accounting Standards have been followed.
The Directors are responsible for keeping proper accounting
records which disclose with reasonable accuracy at any time,
the financial position of the Company and Group and which
enable them to ensure that the financial statements comply
with the Companies Act 1985.
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.