c) To cover potential losses arising from the pandemic, many local banks are making greater provisions (both general and specific) for their non-performing assets, putting greater emphasis in lending portfolios related to industries hardest hit by COVID, such as oil and gas, tourism and shipping. "In the context of FRS 8, these adjustments in provisions should be prospectively, and not retrospectively, executed." Do you agree? Explain your answer in less than 150 words. (5 marks) are "Because consolidated financial reports the result of yearly 'memorandum' CJEs* which eliminate some transactions, they tend to provide a less complete and more subjective picture of an entity's financial resilience to this pandemic. In these uncertain times, stakeholders should be looking at financial reports of individual entities to assess their abilities to ride out this crisis." *consolidation journal entries In your own words of less than 250, share your views on the above comment. (10 marks) b) Explain (in less than 120 words) what is "goodwill on consolidation" and why it is recognised only in the consolidated accounts and not in the acquirer's own books. (4 marks)