QUESTION ONE (a) (i) What comprises a complete set of financial statements? (ii) Identify the various users of financial statements and provide a brief description of their respective information needs. (b) Provide a brief explanation of the following general features of financial statements: (i) Fair presentation and compliance with IFRSs; (ii) Going concern;

(iii) Accrual basis of accounting; (iv) Materiality and aggregation; (v) Offsetting; (vi) Frequency of reporting; (vii) Comparative information; and (viii) Consistency of presentation. (c) (i) For an item to be classified as current asset it must have some feature. What are those features? (ii) For an item to be classified as current liability it must have some feature. What are those features?