QUESTION POUR a. As part of a class presentation sessions, you have been asked to make a presentation about the standard setting process adopted by the International Accounting Standards Board, Required: Discuss the standard setting process as adopted by the IASB to the class (4 marks) i ii. V errors. b. While preparing financial statements of AB Ltd, you noted the following events: AB changed its accounting for land and building from cost model to revaluation model. The useful life of plant was revised downwards following impairment loss. iii. The depreciation method for depreciating furniture was changed from FIFO to weighted average iv. It was discovered that last year company's inventory sheets were under-cased. It was discovered that actual NRV of inventory was much lower than expected. Required: In accordance with IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors, state whether the above are changes in accounting policies, accounting estimates or (6 marks) c. Rockstar Ltd acquired a brand new property (land and buildings) on January 2016 for GH80 million (including GH 30 million in respect of the land). The asset was revalued on 31 December 2017 to GH$86 million (including GH32.2 million in respect of the land). The buildings element was depreciated over a 50-year useful life to a zero dual value. The useful life and residual value did not subsequently need revision. On 31 December 2018 the property was revalued downwards to GH70 million as a result of the recession (including GH28 million in respect of the land). Required: Calculate the amounts recognised in profit or loss and other comprehensive income extract for the years ended 31 December 2017 and 31 December 2018. (5 marks) (Total: 15 marks)