The trial balance of Jeb, a company as at 31 December 2015 was as follows: Dr Cr $ $ Sales and purchases 20,000 50,000 Inventory 8,000 Distribution costs 8,000 Administration expenses 15,550 Receivables and payables 10,000 20,000 Fundamental reorganization costs 2,400 Cash at bank 7,250 Ordinary shares 50cents 8,000 10% irredeemable preference shares $1 9,000 10% loan notes 8,000 Non-current assets at net book value 35,000 Share premium 3,000 Accumulated profits at 1 January 2015 3,000 Loan note interest paid 800 Preference dividend paid 900 Interim ordinary dividend paid 1,600 Tax 500 Suspense 8,000 109,500 109, 500 The following is to be taken into account (1) A building whose net book value is currently $5, 000 is to be revalued to $11, 000. (2) A final ordinary dividend of 10cents per share is to be proposed (3) The balance on the income tax account represents an overprovision of tax for the previous year. Tax for the current year is estimated at $3,000 (4) Closing inventory is $12,000 (5) The balance on the suspense account represents the proceeds from the issue of 4,000 ordinary shares. Required: a) Explain the main objectives of the IASB b) Discuss the main purposes of a statement of changes in equity. c) Discuss whether or not the financial statementsof not for profit entities should be subject to regulation. d) Using the information given in the trial balance above, prepare the income statement for Jeb Limited in accordance with the Companies Act and relevant accounting standards.