Required: (a) Prepare the statement of profit or loss and other comprehensive income for Moby for the year ended 30 September 2019. (b) Prepare the statement of financial position for Moby as at 30 September 2019. Note: A statement of changes in equity and notes to the financial statements are not required Total 20 marks! Question 2 (a) The Conceptual framework for Financial Reporting identifies faithful representation as a fundamental qualitative characteristic of useful financial information Required: Distinguish between fundamental and enhancing qualitative characteristics and explain why faithful representation is important. (5 marks) b) IFRSs are developed through a formal system of due process and broad international consultation involving accountants, financial analysts and other users and regulatory bodies from around the world. The overall agenda of the IASB will initially be set by discussion with the IFRS Advisory Council. Required Describe the steps involved in the due process for developing an individual standard (5 marks) c) You have been recently appointed as the technical manager of Smart Consultancy Services (SCS). SCS provides training and consultancy advice to companies which prepare financial statements using International Financial Reporting Standards (IFRSs). The managing partner of SCS has asked you to prepare the advice to be given to several clients in respect of the accounting requirements of non-curren assets for the year ended 31 December 2019. 1) Boafo Ltd Bolo Bottling Ltd owns a bottling plant with an original cost of GIIS200,000. It was acquired in Januam 2011. On acquisition, management determined that the useful life was 10 years and the residual vale S years old, and during this time there have been no revisions