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QUESTION 2 (10 Marks) Growfast Ltd ('Growfast') is a manufacturer of fertilizer. Five years ago, Growfast was in the news as a result of theft and fraud allegations. According to newspaper articles based on an anonymous source, Mr. K Noch who was the financial director at the time, misappropriated funds for his own gain. Mr Noch was asked to step down immediately. As a result of the publicity that accompanied his exit, Mr Noch was unable to find an alternative occupation pending the outcome of investigations. Subsequently investigations had revealed that the allegations were bogus and that it was made by an employee that had a personal vendetta against Mr Noch. As a result of this Mr Noch lodged a legal action against Growfast claiming that he was unfairly dismissed. He claimed compensation for loss of income as well as reputational damage caused by the dismissal and allegations. On 24 May 2022, the court reached a verdict and it was concluded that Mr Noch was indeed unfairly dismissed. Growfast was ordered to pay the following amounts to Mr Noch as a result of the court case: - An amount of N$180000 as compensation for legal costs incurred by Mr Noch. This amount is payable in four equal bi-annual instalments with the first payment being payable on 31 May 2022. - An amount as compensation for loss of income for the past five years as well as an additional amount for reputational damage caused. The court ordered the parties to enter into negotiations with regards to the amount to be paid. In accordance with the court order the amount and payment terms should be concluded by 30 September 2022. The following accounting entries and disclosure were made in the records of Growfast for the year ended 30 June 2022 : General journal of Growfast for the year ended 30 June 2022. Extract from the statement of financial position of Growfast for the year ended 30 June 2022 Notes to the financial statements REQUIRED: 1. Criticise the treatment and disclosure of the information above in the records of Growfast with reference to IAS 1 Presentation of Financial Statements. (10 marks)