Tesco 2012 Annual Report Download - page 92
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Statement of Directors’ responsibilities
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 Group and the Company 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
(‘IFRS’) 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,
whichdisclose with reasonable accuracy at any time the financial position
of the Group and the Company 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 contained within this document includes a fair review
of the business and important events impacting it, as well as a description
of the principal risks and uncertainties faced by 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
offinancial 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.
88 Tesco PLC Annual Report and Financial Statements 2012