1. In making the assessment about the going concem assumption, management takes into account all available information about the future, which is at least 6 months from the balance sheet date. 2. "true and fair override" referred to the case when management believes that compliance with a particular requirement of the IFRS will be so misleading that it would conflict with the objectives of the financial statements as laid down in the IASB's Framework, then the entity is not allowed to depart from that requirement (of the IFRS), unless provided the relevant regulatory framework does not prohibit such a departure. 3. Materiality is determined based on the item's nature, size, and/or the surrounding circumstances. Materiality is therefore a very objective concept. 4. Notes to financial statements are a collection of information providing descriptions and disaggregated information relating to items included solely in the financial statements (i.e., balance sheet, income statement, statement of changes in equity, and cash flow statement). 5. Fair presentation" requires full representation of the effects of transactions and other events and conditions in accordance with the definitions and recognition criteria for assets, liabilities, income, and expenses laid down in the IASB's Framework. 6. Under IFRS disclosure of the accounting policies used or notes or explanatory material, an entity can correct inappropriate accounting policies and therefore problem would be rectified. 7. Including the cash flow statement, all other financial statements must be prepared on an accrual basis, whereby assets and liabilities are recognized when they are receivable or payable rather than when actually received or paid. 8. IAS 1 provides guidelines on the presentation of the "general purpose financial statements," thereby ensuring reliability both with the entity's financial statements of previous periods and with those of other entities. 9. Under IAS 1, entities are required to make an implicit statement of compliance with IFRS in their notes if their financial statements comply with IFRS. 10. The requirements of IAS I are to be applied to all "general purpose financial statements" General purpose financial statements are those intended to meet the needs of users who are in a position to demand reports that are tailored according to their information needs