A) Your young brother sister is planning to start a business with a friend, selling animals feed. They plan to operate the business as a private company: they will each own 40% to 60% of the company's shares, they will be directors and they will both be employed full time in the business of the company. They are now wondering whether the business has to comply with international financial reporting standard (IFRS) and if it will have to be audited. You are required: A) To help your younger brother sister and friend to understand whether they have to comply with the IFRS and audit their financial statement. Explain your answers [15 Marks] B) As a second year student you are employed by an accounting firm which regularly publishes newsletter for its client, containing articles on topical issues in the fields of accounting and taxation. The editor plan for the next issues of the newsletter is to discuss the qualitative characteristics of useful financial information, as set out in the conceptual framework, and explaining their meaning. He has approached you and has asked you to draft the article for him. You are required: Draft the article for the editor, discussing the qualitative characteristics of useful financial information, as set out on the conceptual frame work, and discuss their meaning