1. 1 List the 5 elements of financial statements. 1.2 Explain the term accrual basis of accounting. 1.3 Discuss the objectives of financial statements according to the accounting framework 1.4 Discuss when comparative information for numerical information in the financial statements should be disclosed. 1.5 Under which circumstances should an entity's financial statements not be prepared on the assumption that the entity is a going concern? (3)