Notes . Required: Which reporting framework is Fashion Retailers required to use? Motivate your answer.. . Fashion Retailers is an unlisted company and is primarily involved in the clothing. retail industry. Fashion Retailers intends to expand its operations and issues listed bonds on the Board Exchange of South Africa (BESA). . The Conceptual Framework for Financial Reporting of 2018, provide clarity on the new definitions of assets and liabilities as presented in the elements of financial statements. The previous definition for assets of 2010 is defined as a resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity. Required: Please provide the new definition of an asset as defined in the Conceptual Framework for Financial Reporting of 2018 and describe in short what is meant with control? The IAS 2 standard describe inventories as assets that are held for sale in the ordinary course of business, used in the process of production for such sale or in the form of materials or supplies to be consumed in the production process or in the rendering of services. Required: If a motor vehicle dealer uses one of the motor vehicles for his own personal use for travelling to and from work, please discuss if one could classify the motor vehicle as an asset or as inventory? Capital Brokers Ltd underwrites an issue of 75 000 ordinary shares at R4,50 each in DebtCar Ltd. The underwriting commission is 9%. Required: If the public takes up 45 000 shares, please calculate the commission payable to the underwriters and motivate your answer? Rock Ltd issued 180 000 7% cumulative preference shares at R5 each, on the 1 January 2022. During the 2022 financial year, Rock Ltd did not have sufficient funds to pay for the cumulative preference shares dividends. During the following year, 2023, Rock Ltd decided to declare dividends, as they have sufficient accumulated funds to pay the dividends. Rock Ltd has a 31 December financial year end. 7 Required: How much will be accounted for as dividends declared in the 2023 statement of changes in equity? Motivate your answer.