1. Explain (with reasons) whether managers are included as users of financial statements.

2. Describe the responsibility that management has regarding the preparation of financial statements.

3. A business sells a non-current asset

(a) for less than

(b) for more than its statement of the financial position value. Under IFRS, how will the difference between the asset value in the statement of financial position and the amount received on the sale of the asset be disclosed in the statement of comprehensive income?