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The statement of comprehensive income for the year ended 31 December 2009 and its comparative is shown below:
Cost of sales
Share of profit of associate
Profit before tax
Income tax expense
Profit for the year
Other comprehensive income:
Revaluation gain on property, plant and equipment
Gains on Available for sale investments
Tax effects of other comprehensive income
Other comprehensive income for the year, net of tax
Total Comprehensive income for the year
(a) Analyse the economical performance and monetary position of KER for the year to 31 December 2009 and comment on the Chairman's claims on growth (8 marks are available for the calculation of relevant ratios).
(b) Diversity in accounting policies and estimates can influence the comparison of financial statements of two or more entities. Explain three examples of where such differences could affect comparability between entities.
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