Chapter 3. 6. Discuss the hierarchy of the bases for the formulation of accounting policies. for the Presentation of the Financial Statements How does the application of the going concern assumption affect the choice of the measurement basis of financial statement elements? 7. Under what circumstance should the management consider changing the presentation of its financial statements? 4. How do the financial information presented in the financial statements achieve the objective of comparability? 8 What information must be displayed in each financial statement component for its clear identification? 5. How shall a reporting entity achieve fairness in the presentation of financial statements? 9. What is restatement? Why should there be restatement of preceding year financial statements? What is an additional requirement when there is restatement