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Question 3 Pot Ltd has a number of subsidiary companies and is preparing its consolidated financial statements for the year ended 30 September 2019. On 1 March 2019 Pot Ltd purchased 25% of the ordinary share capital of Chi Ltd, a separate legal entity, for 80,000. There are three other investors, each of which has a 25% holding in Chi Ltd. Under a contractual agreement between the four parties, each investor is entitled to an equal share of the profits and losses of Chi Ltd. Unanimous consent is required by all four parties for all key operating decisions. Chi Ltd made a profit for the year ended 30 September 2019 of 108,000. All profits and losses accrued evenly throughout the year. Requirement Explain the required IFRS financial reporting treatment of the investment in Chi Ltd in Pot Ltd's consolidated financial statements for the year ended 30 September 2019, preparing all relevant calculations. (5 marks) Page 3 of 5 Question 3.1 As a newly-qualified Chartered Accountant you have been asked by your firm of Chartered Accountants to prepare a checklist covering the fundamental principles of the IFAC Code of Ethics. Requirement Prepare the checklist which should set out the five fundamental principles with a series of relevant questions for each to help assess whether an individual has complied with each principle on each new assignment undertaken