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The Ministry of Magic, the regulator of businesses, is concerned about the public financial reporting...

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Accounting

The Ministry of Magic, the regulator of businesses, is concerned about the public financial reporting that was produced by Eeylops Owl Emporium Ltd. The Ministry was aware that the emporium had not indicated that it was discontinuing a division of its business and that for the last financial year it had not included an acquisition of a new building in its balance sheet, which it had purchased some three months before the end of the financial year.

Explain why the regulator is concerned with such oversights and what the emporium is required to do in each case.

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