(a)[3]
State three features of financial statements that demonstrate a ‘true and fair view’.
(b)[9]
Explain to the directors how information items 1i, 1ii and 2 should be accounted for, referring to the relevant International Accounting Standards (IAS).
(c)[10]
Prepare the revised statement of financial position at 31 December 2020 using all the information provided.
(d)[3]
Comment on whether the director’s statement is correct. Support your answer with reasons.