1. In point form, list all the items in the above draft statement of financial position that do not comply with the minimum disclosure requirements of the Companies Act and IFRS. NB: provide full details of minimum disclosure requirements.

2. Prepare the Equity section of a statement of financial position as at 31 December 2018, after the implementation of the decisions taken by the directors on 03 October 2018. Do ignore the results of trading for the three months ended 31 December 2018. Calculations are mandatory and notes to the statement of financial position are not required.

You are a newly appointed auditor of Otjomuise Ltd and have been presented with this statement of financial position. Otjomuise Ltd Statement of financial position as at 30 September 2018 ASSETS Non-current assets PPE Long term loans to employees Investments/ financial assets Total non-current assets Current assets Inventory Trade receivables Taxation Cash and cash equivalents Sundry expenditure: Preliminary expenses Ordinary share issue expenses Preference share issue expenses Underwriters commission on preference shares Total current assets TOTAL ASSETS EQUTY AND LIABILITIES Equity N$ 2018 950,000.00 15,000.00 340,000.00 1,305,000.00 320,000.00 260,000.00 55,000.00 5,000.00 12,000.00 10,000.00 9,000.00 14,000.00 685,000.00 1,990,000.00