Please Type True or False for each question

I RUE FALSE The objective of IAS 1 (2007) is to prescribe the basis for presentation of general purpose annual reports, to ensure comparability both with the entity's financial statements of previous periods and with the financial statements of other entities. The objective of general- purpose financial statements is to provide information about the financial position and cash flows of an entity. A complete set of financial statements includes: [IAS 1.10] a statement of financial position (balance sheet) at the end of the period and a statement of profit or loss and other comprehensive income for the period O IAS 1 requires management to make an assessment of an entity's ability to continue as a going concern. If management has significant concerns about the entity's ability to continue as a going concern, the uncertainties may be disclosed. The Conceptual Framework notes that financial statements are normally prepared assuming the entity is a going concern and will continue in operation for the foreseeable future. O IAS 1 requires that an entity prepare its financial statements, except for cash flow information, using the accrual basis of accounting. O O Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide annual report about a specific reporting entity O IAS 1 requires that comparative information may be disclosed in respect of the previous period for all amounts reported in the financial statements, both on the face of the financial statements and in the notes, unless another Standard requires otherwise. TAS 1 requires an entity to clearly identify: [IAS 1.49-51] the financial statements, which must not be distinguished from other information in a published document . "Current assets are assets that are: (IAS 1.66] expected to be realised in the entity's normal operating cycle, held primarily for the purpose of trading expected to be realised within 2 months after the reporting period cash and cash equivalents (unless restricted)." Assets and liabilities, and income and expenses, may not be offset unless required or permitted by an IFRS. [IAS 1.32] O Current liabilities are those: [IAS 1.69] expected to be settled within the entity's normal operating cycle. held for purpose of trading, due to be settled within 12 months, for which the entity does not have the right at the end of the reporting period to defer settlement beyond 12 months. IAS 1 does not prescribe the format of the statement of financial position. Assets must be presented current then non-current, or vice versa, and liabilities and equity can be presented current then non-current then equity, or vice versa. A net asset presentation (assets minus liabilities) is not allowed