1) If a retailer gives customers a 30-day right to return goods that have been purchased, the retailer will not recognise an estimated liability for future returns under IFRS Standards because the amount is not known until after the end of the 30-day period. A. True B. False 2) The Conceptual Framework specifies the form and content of the financial statements that a company must present in conformity with FRS Standards. False A. B. True 3) Under IFRS Standards, in a busiessombination the acquiring company generally recognises the assets acquired, and the liabilities assumed, at their fair values on the acquisition date. A. True B. False 4) A company that is being sued will not recognise any liability until a court judgement or legal settlement has been reached because, until that point, the company has no obligation to pay. A False B. True 5) The IFRS Foundation decides which countries must use IFRS Standards. A.False