QUESTION 4 (20 Marks) INFORMATION: IAS 1 Presentation of Financial Statements prescribes the basis for the presentation of general purpose financial statements to ensure comparability both with the entitys financial statements of previous periods and with the financial statements of other entities. It sets out the overall requirements for the presentation of the financial statements, guidelines for their structure and minimum requirements for their content. REQUIRED: 4.1.1 Define and explain the difference between the terms profit or loss, other comprehensive income and total comprehensive income. (2 marks) 4.1.2 List the general features of financial statements as outlined in IAS 1 Presentation of Financial Statements. (4 marks) 4.1.3 State the objective of IAS 1 Presentation of Financial Statements. (2 marks) 4.1.4 List SIX (6) of the general features of financial statements as outlined in IAS 1 Presentation of Financial Statements. (3 marks) (Half mark would be awarded for each answer provided)