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In light of the decision to grow and expand Airforce Technology Corporation, a substantive review on the financial statements and related transactions of the company was conducted. Based on the analysis of the financial statements of December 31, 2014, the company’s current Debt-to equity ratio is 1.5:1 with shareholder’s equity at 3 million and total debt at 4.5 million. In compliance with the bond issuance agreement that the debt to equity ratio be within the 2.5:1 threshold, review and assessment would be focused on accounts which would affect this ratio, namely, the liability and equity accounts. As per review with the financial statements, some items need to be restated for compliance with IFRS....
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