Non-accounting professionals usually wonder why an entity's general purpose financial reporting should be regulated without allowing users to be free from choice of presentations. You are asked to give clarity on this subject to the non-accounting professionals in your workplace. Required: (1) Explain FOUR (4) reasons why financial reporting should be regulated in Malaysia (ii) Identify and explain TWO (2) sources of accounting regulations in Malaysia. (12 marks) (b) The conceptual framework specifies the fundamental reasons why financial statements are produced worldwide which is to satisfy the requirement of external users. Required: Outline FIVE (5) types of economic decisions for which financial statements are likely to be used for and identify TWO (2) advantages of conceptual framework. (8 marks) Integrity Batad redeemed all the redeemable preference shares at a premium of 8%. A total of 8,000,000 ordinary shares of RMI each were issued at a premium of 9% to partly finance the redemption Integrity Berhad Statement of Financial Position as at 31 December 2019 RM000 Non-current assets 52,650.00 Current assets 11.520.00 Bank 46,800.00 110,970.00 Ordinary shares of RMI each 30.600.00 4% redeemable preference shares of RMI each 22,950.00 Retained profits 43,920.00 Current liabilities 13,500.00 110.970.00 Required: Compute the necessary workings to capture the redemption of preference shares out of profits and through the issue of new shares. (3 marks) (b) Prepare the relevant journal entries to record the transactions (9 marks) (e) Present the extract of Statement of Financial Position immediately after the redemption and issuance of shares. (5 marks) d) Explain why a company may wish to issue new shares