You have been the finance director of a clothing retailer for ten years. The company’s yearend is 31 March, and you are finalizing the year end accounts. You have recently been advised by the warehouse manager of a significant level of slow moving stock. The stock (or inventory) in question is now more than nine months old and would normally have been written down some months previously. The shareholders are trying to sell the company, and the managing director (the majority shareholder) has told you that it is not necessary to write down the stock in the year end accounts. You are sure that the managing director wants the financial statements to carry the highest possible stock valuation because they have found a prospective buyer. The managing director has indicated to you that, if the proposed deal is successful, all employees will keep their jobs and you will receive a pay increase