PHY154-Happy Mobile (HM) is a publicly listed company.

Question 1 (20 marks)Happy Mobile (HM) is a publicly listed company.Details of HM’s non-current assets at 1 October 20×8 were:Land and building$mPlant$mTelecommunications licence$mTotal$mCost/valuation280150300730Accumulated depreciation/amortization-40___-105___-30___-175___Net book value (NBV)24045270555The following information is relevant:The land and building were revalued on 1 October 20×3 with $80 million attributable to the land and $200 million to the building. At that date the estimated remaining life of the building was 25 years. A further revaluation was not needed until 1 October 20×8 when the land and building were valued at $85 million and $180 million respectively. The remaining estimated life of the building at this date was 20 years.Plant is depreciated at 20% per annum on cost with time apportionment where appropriate. On 1 April 20×9 new plant costing $45 million was acquired. In addition, this plant cost million to install and commission. No plant is more than four years old.The telecommunications licence was bought from the government on 1 October 20×7 and has a 10 years life. It is amortised on a straight line basis. In September 20×9, a review of the sales of the products related to the licence showed them to be very disappointing. As a result of this review the estimated recoverable amount of the licence at 30 September 20×9 was estimated to be only $100 million.There were no disposals of non-current assets during the year to 30 September 20×9.Required:Prepare extracts from the statement of financial position relating to HM’s noncurrent assets as at 30 September 20×9 (including comparative figures), together with any disclosure (other than accounting policies) under current international financial reporting standards.(Note: You may use the table below as a guide to answer your question)Explain the usefulness of the above disclosure to the users of the financial statements.Question 2The observance of the following concepts is presumed in financial statements unless otherwise stated:going concern,accruals,consistency,prudence.Explain each of the above concepts, giving examples of how each is observed in financial statements.