Zenith Agro-Allied Limited (ZAL) is a Nigerian company listed on the Nigerian Exchange Group (NGX). The company prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the Financial Reporting Council of Nigeria (FRCN). During a recent board meeting, the Chief Financial Officer (CFO) raised concerns about the following issues: (i) The external auditor has insisted that ZAL must disclose certain related-party transactions with its parent company, Zenith Holdings Plc, even though the directors believe such disclosures are commercially sensitive and unnecessary. (ii) The company's accountant has proposed that inventory be valued at selling price rather than cost, arguing that this gives a 'more relevant' picture of the company's financial position. (iii) A new junior accountant has questioned why ZAL continues to prepare its financial statements on the going concern basis, given that the company recorded a net loss in the current year. The board has approached you, a Chartered Accountant, for professional advice. Required: (a) Explain the role of the Financial Reporting Council of Nigeria (FRCN) in regulating financial reporting in Nigeria, citing the enabling legislation. (6 marks) (b) With reference to the IASB Conceptual Framework for Financial Reporting, advise the board on issue (i), explaining the qualitative characteristics of financial information that are relevant to this matter. (8 marks) (c) Evaluate the accountant's proposal in issue (ii) and the junior accountant's concern in issue (iii) using the principles of the IASB Conceptual Framework and relevant IFRS standards. (6 marks) Total: 20 marks