Question 3 Discuss the below comments by a business owner.

I know the statement of financial position is one of the key financial statements which is used by various external users. But how useful is the statement of financial position? This is because the statement of financial position is a snapshot of the past.

Im more interested in the companys finances in the future. There are also other limitations of statement of financial position. I also hearsay that figures in the statement of financial position include estimates.

You are encouraged to do additional research and provide relevant examples in your answer. The analysis must not exceed 1,000 words. (50 marks)