All. MGG Automobile company is a prominent car making company established in the year 1967 in Taiwan. MGG Automobile company makes a wide range of cars like sports utility vehicles, sedan cars, cross over models, small cars, and hybrid cars. Every two years the company upgrades its car models and has a reasonable share in the market. The company manages 18 manufacturing units around the world. MGG automobile company sells cars through 850 dealerships in Asian, African, middle eastern, south American, and European countries. The company also maintains its own 260 servicing centers around the world. MGG Automobiles trade their cars using a chain of 450 dealers in across Asia, Africa, the middle east, and European countries. The group maintained its financial reporting as per international financial reporting standards. In its income statement, the company reports sales of OMR 142,000 million when it actually had a sale of OMR 96,000 million, the company has several technical issues with its automobile in the market for the last few years. The group has recalled several models of its cars that were defective and few replacements were done by the auto group. There were several lawsuits against the company with relevant to defective automobiles. The MGG group avoided these legal issues in its disclosures to avoid damage its reputation disclosed on December 29, 2019, the company ordered and received some equipment to be to be made in May 2020. on December 29 the company debited the asset account Equipment and credit the liability account Accounts Payable. The MGG auto group had several noncurrent assets. In the year 2017, the company used a cost basis to value its PPE and in the next year the company change its basis of valuation to revalue just to show a healthier image of the balance sheet, and then again valued property, plant, and equipment on the cost basis in 2019. The MGG auto group company charges depreciation to its PPE even though the cost of the assets has not decreased. Answer the following: Required: The conceptual framework clearly outsets certain qualitative characteristics required in financial information. In light of the scenario presented to you above, identify whether such qualitative characteristics are present in the financial information. For each agreement or disagreement provide the necessary explanation