Financial Reporting and Ethics

  1.What is the objective of the IFRS foundation? 2.What are the benefits of using IFRS? 3.Who are the users of financial statements and how can each user, make use of the financial statements? 4.What are the risk factors that the company below may not be a going concern? Best sanitizer Pty ltd is a company that sells sanitizers. They opened 10 shops in 2020, however in 2022, 5 branches were closed and 20 employees were retrenched. Global sanitizers, another shop that sells sanitizers at cheaper prices has opened in all the locations that Best sanitizer operates. Please see below an extract of the financial information of Best sanitizer: Line item Amount Profit N$ 20 000 Cash and Cash equivalents N$ -50 000 Current assets N$ 100 000 Current liabilities N$ -120 000 Non current liabilities N$ -200 000 Total assets N$ 250 000 Equity N$ -100 000 Please note that CR is negative and DR is positive