7.Assume that a new effective tax rate is enacted which reduces the income tax rates from 30% to 25% was signed into law on March 2021, before the 2020 audited financial statements were approved for release. This law is effective January 2021. Following the guidance from PAS 10, Events After the Reporting Period and PAS 12, Income Taxes, determine whether the latter is an adjusting or a non-adjusting event. Document this on your working papers and provide recommendation as to what the company should do regarding its deferred income taxes.