Presented below are four statements that you are to identify as true or false.

The objective of financial statements emphasizes a stewardship approach for reporting financial information.

The objective of financial reporting is to prepare a statement of financial position, a statement of comprehensive income, a statement of cash flows, and a statement of changes in equity.

The difference between International Accounting Standards and IFRS is that International Accounting Standards are more authoritative.

The objective of financial reporting uses an entity rather than a proprietary approach in determining what information to report.