Question 1 Omorfa Stolidia Berhad is a company that has been operating for the past 20 years, specializing in manufacturing high quality jewelry from various precious gems like ruby, topaz, sapphire, emerald, jade and the like. 90% of the jewelry is exported to other countries, with Europe as the main market whilst the rest, 10% is for local market. Despite the stable economic condition in the Europe, Omarfa Stolidia's revenue has been gradually decreasing for the past 6 years and the trend continues to show a declining pattern. Universal Royalty Trading, a company established in Lebanon and the main competitor for Omorfa Stolidia has been involved in aggressive marketing. In addition, Universal Royalty Trading has also been introducing fresh, timeless piece that combines the design in medieval times and the simple urban design, which has been well received by the high upper class jewelry lovers in Europe. Not only does the revenue in Omorfa Stolidia gradually declining, the debt ratio is also apparently rising, from 45% in 2015 to 49% in 2016 and 57% in 2017. Although the figures have not breached the debt covenant with the creditors, the increase in the debt ratio apparently worrying for Mr. Stefano, the director. Mr. Stefano was a former jewelry who has been in the business over forty years and he is the founder of Omorfa Stolidia. Mr. Stefano is also worried about the declining revenue pattern of the company. Meanwhile in 2018, Omorfa Stolidia has received a painting worth RM6 million as a donation from a well-known politician, Mr. Zharif, who is expressing his gratitude for Omorfa Stolidia for generously providing political donations to the Nationalist Line Party led by Mr. Zharif in the recent 14th general election. The Nationalist Line Party had an easy win in the election. The painting "Leeza Moona", which depicts a smiling lady against the backdrop of Venice city in the 16th century was produced by Danio Cinnvi, a famous artist then and in the present time because of the high-quality artwork that he produced. Because the painting is an antique piece sought by many antique fans worldwide, the value of the painting is expected to rise at least three times of its current value in the next few years. Thus far, no record has been made regarding the painting in Omorfa Stolidia's books. Mr. Stefano asked Mr. Ng Zhong Yi, the finance controller to include the painting in Omorfa Stolidia's books as the painting would improve the financial outlook of the company. What would Mr. Ng Zhong Yi do? (Note: The hypothetical scenario above occurred in hypothetical company that is subjected to the financial regulatory setting and tax regulation in Malaysia)