this is a finamcial reporting question

QUESTION 3 A. Undeniably, profitability is the ultimate goal of companies and readers of a company's financial statements are very much interested in the reported profit figure. The profit figure is achieved by the preparation of the statement of profit or loss and the statement of financial position. If the foregoing is the case, why then bother about the statement of cash flows? mark B. Globally, accounting standards are developed based on different methods. It is generally agreed that the nature of accounting standards depends on the systems of regulation. It has been argued that there are two main systems of regulation Required: Identify and explain the difference between the two systems of regulation, stating clearly which system you believe describes the Interational Financial Reporting Standards (IFRS) (5 marks C. On 15 January 2018, Global Drilling Lad entered into a GHS22million contract for the construction of an office complex at Tema. The building was completed at the end of December 2018. During the period, the following payments were made to the contractor Payment date 1 January 2018 31 March 2018 30 September 2018 31 December 2018 Amount GHS'm 2.00 6,00 2.00 Global Drilling's borrowings as at its year end of 31 December 2018 were as follows 10% 4-year Loan Note with simple interest payable annually, which relates specifically to the building project, loans outstanding at 31 December 2018 mounted to GHS7,000,000. Interest of GHS 700,000 was incurred on these borrowings during the year, and interest income of GHS200.000 was camed on these funds while they were held in anticipation of payments 12.5% Five-year Loan Note with simple interest payable annually, debt cutstanding at 1 January 2018 amounted to GHS10,000,000 and remained unchanged during the year 10% Five-year Loan Note with simple interest payable annually, debt outstanding 1 January 2018 mounted to GHS15,000,000 and remained unchanged during the year Required: Calculate the borowing costs to be capitalised. (5 marks) D. Miss Nsish is a qualified Chartered accountant who prepares financial statements for a firm located at Tesano. Miss Nsish does not qualify for a practicing certificate and so she does not provide audit service to the client This is her first year of preparing financial statements for the firm. When compiling the most recen accounts, she detected some material errors in the previous financial statements. It seemed that the accounts were based on incomplete records as certain costs were excluded, either deliberately or because records were not maintained. The Chief Executive Officer of the firm has also requested some additional work to be completed ca complex tax issue. However, she has no prior experience and does not feel competent to the work. The CEO would also like her to provide an audit opinion as they are planning to apply for funding from a bank and the bank would like some further assurance Required: With reference to Code of Ethics for accountants, discuss the ethical principles applicable to the above scenario. (5 marks) (Total 20 marks) END OF PAPER