FINANCE AND ACCOUNTING STANDARDS

Finance and accounting standards in place in our organizations

Finance and accounting standards in place in our organizations

This is the responsibility of the directors to prepare the Annual Report and the financial statements in accordance with applicable law and regulations. Directors need to make annual report every financial year. Directors have made the business and the Group financial statements in agreement with International economic describing measures (IFRS) as adopted by the European Union.

economic statements are required by regulation to give a true and equitable view of the state of afequitables of the business and the assembly and of the earnings or loss of the Group for that period. The directors verify that they have obeyed with the above obligations in organising the economic statements.

Usefulness of operating and financial reviews

The financial and operating reviews are very much necessary for every company, which is usually done by the directors; here are three major issues in Sainsbury:1.Sales are very useful issues with the operation and financial view for company. Over the year company grew like-for-like sales, excluding fuel, by 5.9 per cent, despite limited maturing new space and extensions and the tougher comparatives of the previous year. This result comprised development on development on development and demonstrated proceeded enhancement and momentum.

Product quality is another useful issues for Sainsbury. Throughout the year company have focused on maintaining lead in product quality and remaining very competitive on price.

Sainsbury is customer-oriented company. Its goals are to provide customers with healthy, safe, fresh and tasty products. We want to make healthy eating easier, enjoyable and more affordable for everyone and satisfy customer's needs.

Group Financial statements and company financial statementsFinancial statement is a written report that quantitatively describes the financial health of a Sainsbury. This contains an income statement and a balance sheet, and habitually also ...