This essay explores the concept of financial reporting, its purpose, and its importance in providing stakeholders with information about an organization's performance and position. It uses Marks and Spencer as a case study to analyze the company's financial performance through various ratios and examines the value of financial reporting in achieving organizational objectives. The essay also explains the differences between International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and highlights the benefits of IFRS compliance.