1. For each of the following situation, identify the qualitative characteristics that may not be present by providing appropriate justification for your answers: a) Syarikat Megah has decide to issue the first quarter financial report only after the second quater report has been prepared, in an effort to ensure that there are no long intervals in between the issuance of the reports. (2 marks] b) Kawan Industries switch from weighted average method to FIFO in 2020, and switch back from FIFO to weighted average method in 2021 for inventories. [2 marks] c) Noeman Ltd entered into several transactions for the purpose of hedging in the current period. However, no disclosure was made with regard to these transactions to avoid confusion amongst users of financial statements as the transactions involved were complex. [2 marks] d) Lotus Industries has decided to report its head office building at fair value as at the end of the current reporting period. There different appraisers have arrived at substanstially different amounts for its fair value. The board has decided to use the middle range valua for financial reporting purposes so as to not overstate or understate the fair value of the building. [2 marks] 2. Disscuss the relation of materiality and provision of relevant information. [2 marks] 3. Explain the significant role played by professional accountants in Malaysia in ensuring market integrity and confidence on business conduct. (3 Marks) 4. Explain the history and development of accounting in Malaysia. [7 Marks)