Question 11 2 pts Which of the following statements is false? O If generally accepted accounting practice (GAAP) is followed by a company, then there is a presumption that the company's financial statements are presented fairly. The NZ Accounting Standards Board (NZASB) is the financial reporting standard setting committee of the New Zealand External Reporting Board (XRB). Companies that must follow IFRS do not have to follow Exposure Drafts. Under special circumstances, the Conceptual Framework may override an IFRS standard. Question 12 2 pts The Conceptual Framework discusses "prudence" within the context of faithful representation. Suppose the company you are auditing must recognise an asset whose value is estimated to be in a range from $900,000 to $500,000. What should you conclude? Conservative prudence as a valuation justification has been rejected by the IASB. Choosing a value of $900,000 is a proper application of prudence. None of the other answers. Choosing a value of $500,000 is a proper application of prudence. More than one of the other answers