Instructions, references and guidance for Parts A, B and C: Responses to the following questions will be considered on their ability to present relevant information and develop well supported arguments. Do not submit a series of dot points. Please note Part C requires you to prepare a persuasive extended essay response. Marks will be awarded for content as well as structure, and the quality of the communication. To provide students with feedback, your assignment will be graded against the assessment criteria included in Appendix 1 to this assignment. Background to the assignment Exporters Ltd is a listed ASX company whose principle business activity is exporting locally manufactured cereals. Recently Exporters Lid employed you as financial accountant and assigned you to the 30 June 2021 Financial Statements Working Party. This role requires you to review selected Exporters Lid press releases, identify financial reporting implications and consider the impact of related professional judgements. The Financial Statement Working Party has provided the following extract from an Exporters Ltd press release. Press Release Issue Date: 1 August 2020 Due to COVID-19, prevailing economic conditions in 2020 and the related long-term impact on the company's exports to international trading partner countries, Exporters Lid expects to recognise a material non cash impairment loss for its international distribution licences during the year ended 30 June 2021.Your Part C response is to be presented in an essay format Part C (18 Marks) "Complex professional judgements significantly influence the accounting treatment of all events and conditions in entities ' financial statements." Discuss this statement. Your persuasive response should include: an introduction; one (1) for argument point that supports complex professional judgements significantly influence the accounting treatment of all events and conditions in entities' financial statements; one (1) alternative argument point that considers a different factor which also influences the accounting treatment of events and conditions in entities' financial statements; and as a conclusion, your final opinion about the statement with an appropriate reason(s). Both argument points are to accompanied by supporting examples developed from your Part A and Part B responses, evidence and/or academic reference(s)*#. *Supporting examples from your Part A and Part B responses must explain in detail how and why it supports the argument point. #Your references should be from papers published in peer reviewed academic journals. Not internet sources such as Wikipedia, not ACCT2011 course materials such as the Semester 2 2020 slides and tutorial materials, and not textbook chapter references, such as the Henderson et al textbook. Please look at the library resources for assignment link on the Individual Assignment Canvas page for guidance.REQUIRED: Your Part A and Part B responses are to be presented in a short answer format Part A (12 Marks) Explain how the events and conditions described in this press release will affect information and individual balances presented in the Exporters Ltd current year's statements of: (a) financial performance; and (b) financial position. Your explanation must also consider one (1) subsequent implication for a financial statement user group that is supported by an explanatory example. Part B (8 Marks) (a) Discuss one (1) financial reporting professional judgement resulting from the events and conditions described in this press release that could be required when preparing Exporters Lid future years' financial statements; and (b) Identify guiding technical reference(s) from applicable Australian accounting standard(s) and describe how these could assist financial statement preparers when making the professional judgement included in your Part B (a) response