Case Scenario: Prior to the end of NCB Group's financial year-end (September 30, 1997), NCB initiated discussions with FINSAC for a potential financial "bailout." An agreement was eventually reached with FINSAC in April 1998, several months after NCB's year-end, but before the company's accounts were approved by the Board of Directors. Based on the agreement reached in April 1998, the directors made a decision to write back an allowance of $1.12 Billion for loan losses in the Profit and Loss Account for the year ended September 30, 1997. This write-back of the allowance resulted in the NCB Group showing a profit instead of a loss in its Profit and Loss Account for that year. NCB Group then published its audited financial statements shortly after the agreement with FINSAC was reached. Due to the timing, some members of the public expressed concem that the NCB Board of Directors might have delayed the authorization of the financial statements for the year ended September 30, 1997, intentionally to reflect a profit instead of a loss. In this case, each group member's unique perspective and values should be taken into account. Your response should consider the principles of accounting ethics, the interests of all stakeholders, and the potential implications of the decisions made. Put yourself in the role of a member in the above case and address the below questions in your ethics case report: 1. What are the ethical ramifications of the decision to write back the allowance and the timing of financial statement approval? In your discussions, as a group, should indicate clearly your opinion as to whether NCB's decision was ethical or unethical and the reason(s) for your opinion. 2. Given NCB's decision to write back the $1.12 billion to its Profit and Loss Account, how should this item be reflected in NCB's financial statements for publication based on current International Financial Reporting Standards? 3. In your report, each group member should state how they, as a member of the NCB board of directors would vote, for the inclusion or the exclusion of the $1.12 billion in NCB'S Profit and Loss Account. Considering all perspectives and ethical considerations, and each member should justify their decision. How might personal values, professional obligations, and loyalty to the company influence the stance of each group member?