The directors of an Australian company, Orange Ltd, have formed a view that compliance with a particular AASB standard will mean the companys financial statements will not provide a true and fair view which is contrary to the Corporations Act.

a) Advise the directors how this problem can be resolved when preparing the companys financial statements in accordance with AASB 101.

b) Discuss any seven of the overall considerations to be applied in the presentation of financial statements of Orange Ltd.