QUESTION TWO IAS 28 requires all investments in associates to be accounted for in the consolidated accounts using the equity method, unless the investment is classified as "held for sale in accordance with IFRS 5. However, there are exemptions from using equity method. Required (a) Set out all the exemptions from the requirement to present consolidated financial statements which are available to a parent company (7 marks) (b) Describe all the conditions that must be met to regard an entity as having significant influence over its subsidiary. (8 marks) (c) Explain why intra-group transactions and balances are eliminated on consolidation. marks) (d) Under what requirements can a group of companies be regarded to exist marks) (6 (TOTAL: 25 Marks)