Financial reports are prepared for the company's shareholders but are used by internal and external stakeholders including government True False QUESTION 2 The International Financial Reporting Standards (IFRS) is prepared only by experts working at the international Accounting Standards Board True False QUESTION 3 Financial accounting reports of all companies must be submitted to the IASB at the end of every year True False QUESTION 4 Ethics is an important aspect in preparing financial reports to ensure faithful representation and reliability True False