Presented below are five statements which you are to identify as true or false. If false, explain why the statement is false.
1. IFRS is the term used to indicate the whole body of IASB authoritative literature.
2. Any company claiming compliance with IFRS must comply with most standards and interpretations but does not have to follow the disclosure requirements.
3. The primary governmental body that has influence over the IASB is the SEC.
4. The overriding requirement of IFRS is for the financial statements to give a fair presentation (or true and fair view).
5. The IASB has a government mandate and therefore does not have to follow due process in issuing an IFRS.