Philippine Airlines (PAL) is the flag carrier of the Philippines. The airline was founded in 1941 and is the first and oldest commercial airline in Asia operating under its original name. Before the COVID-19 pandemic, what occurrence in the financial reporting aspect caused the profits of the airline to plunge? Cite the reporting standard and its implication in the profitability of the company. In relation to the widened net loss, an increase in total noncurrent assets by Php 110 billion. What new accounts were added in their statement of financial position on 2019 after adopting the new standard? (Hint: 1 asset, 1 liability, and 2 expense accounts)