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A)Discuss 3 key differences between accounting standards applied in UAE for governmental entities and IFRS

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A)Discuss 3 key differences between accounting standards applied in UAE for governmental entities and IFRS. (2 *3: 6 Marks) B. Given the following information for the month of August from UAE Government entity accounts, prepare adjusting journal entries for accruals at 31st August (1*4: 4 marks) 1) At August 31st, the public company owed employees $80,000 in salaries that will be paid on September 1st 2) On August 1st, the public entity borrowed $30 million from the central bank on a 15-year note: the annual interest is 10%. 3) Services revenue unrecorded in August total $11 million. 4) Monthly depreciation of government office equipment $40,000. Required: Prepare the adjusting entry needed at August 31.