ABC management decided to depart of applying s specific standard, which could lead to make a misleading and conflict with the objectives of its financial statements if ABC follow and apply that standard. If you know that ABC is allowed to depart this, and provided the relevant regulatory framework does not prohibit such a departure. In this situation, ABC should disclose: * (1.5 Points)

• All choices are correct
• That the financial statements are not present fairly.
• The financial impact on each item in the financial statements of such a departure for each period presented.
• That it has complied with all applicable standards and interpretations without any exceptions.